7.

On January 1, 2013, Drennen, Inc., issued $4.6 million face amount of 6-year, 14% stated rate bonds when market interest rates were 12%. The bonds pay semiannual interest each June 30 and December 31 and mature on December 31, 2022.Table 6-4,Table 6-5(Use appropriate factor from the table provided.)

rev: 07_10_2014_QC_51281

Required:
a.	Calculate the proceeds (issue price) of Drennen, Inc.'s, bonds on January 1, 2013, assuming that the bonds were sold to provide a market rate of return to the investor.(Round your answer to the nearest whole dollar amount. (e.g., 32))
	Proceeds: $________________