6. TB MC Qu. 10-64 On January 1, 2016, Broker Corp. issued On January 1, 2016, Broker Corp. issued $2,800,000 par value 10%, 12-year bonds which pay interest each December 31. If the market rate of interest was 12%, what was the issue price of the bonds? (The present value factor for $1 in 12 periods at 10% is 0.3186 and at 12% is 0.2567. The present value of an annuity of $1 factor for 12 periods at 10% is 6.8137 and at 12% is 6.1944.)