ACC 302, easy. Q1

Pharoah Corporation issues $480,000 of 8% bonds, due in 10 years, with interest payable semiannually. At the time of issue, the market rate for such bonds is 10%. Compute the issue price of the bonds. (Round present value factor calculations to 5 decimal places, eg. 1.25124 and the final answer to 0 decimal places, e.g. 58,971.) Issue price of the bonds