A $5,000,000 issue of nine-year bonds redeemable at par offers 7% coupons payable annually. What is the issue price of the bonds to yield 9.7% compounded quarterly?

A $5,000,000 issue of nine-year bonds redeemable at par offers 7% coupons payable annually. What is the issue price of the bonds to yield 9.7% compounded quarterly? The issue price of the bond is \$ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)