A company issues 6%, 5 year bonds with a par value of $800,000 and semiannual interest payments. On the issue date, the annual market rate of interest is 8%. Compute the issue (selling) price of the bonds. The following information is taken from present value tables:

Present value of an annuity (series of payments) for 10 periods at 3% 8.5302

Present value of an annuity (series of payments) for 10 periods at 4% 8.1109

Present value of 1 (single sum) due in 10 periods at 3% 0.7441

Present value of 1 (single sum) due in 10 periods at 4%