13) On January 1, 2017, Ellison Co. issued eight-year bonds with a face value of $6,000,000 and a stated interest rate of 6%, payable semiannually on June 30 and December 31. The bonds were sold to yield 8%. Table values are: Present value of 1 for 8 periods at 6%....... .627 Present value of 1 for 8 periods at 8%... .540 Present value of 1 for 16 periods at 3%... .623 Present value of 1 for 16 periods at 4%. .534 Present value of annuity for 8 periods at 6%.. 6.210 Present value of annuity for 8 periods at 8%. 5.747 Present value of annuity for 16 periods at 3%. 12.561 Present value of annuity for 16 periods at 4%...... 11.652 The present value of the principal is: 7.72 Points $3,738,000 $3,240,000 O $3.762,000. $3,204,000