Alvarez Corporation issued $$130,000$ par value, $8\%,4-$year bonds $($i$.$e$.,$ there were $130$ of $$1,000$ par value bonds in the issue$).$ Interest is payable semiannually each January $1$ and July $1$ with the first interest payment due at the end of the period on July $1.$ Determine the issue price of the bonds if the market rate of interest is $6\%.$

Future Value of $$1$ table Future Value of an Ordinary Annuity table Future Value of an Annuity Due table

Present Value of $$1$ table Present Value of an Ordinary Annuity table Present Value of an Annuity Due table

Determine the issue price of the bonds. $($Use the present value and future value tables, the formula method, a financial calculator, or a spreadsheet for your calculations. If using present and future value tables or the formula method, use factor amounts rounded to five decimal places, $x$:$xxxxx.$ Round your final answers to the nearest whole dollar.$)$

The issue price of the bonds $=$How to solve