Arak Corporation issued 6% bonds with a face value of $2,000,000 on January 1^st, 2020. The bonds mature in 10 year and Pay interest each June 30^th and December 31^st. On the issue date, the market rate of interest was 8%.

The present value table

Present value of an ordinary annuity of $1 for 20 periods at 3%	14.87747
Present value of an ordinary annuity of $1 for 20 periods at 4%	13.59033
Present value of a single $1 due in 20 periods at 3 %	0.55368
Present value of a single $1 due in 20 periods at 4%	0.45640
Present value of an annuity due of $1 for 20 periods at 4%	14.13394

Using the appropriate figure(s) from the present value table above, the price of the bonds at the issue date is:

(round to the nearest dollar)

A) $875,388

B) $980,000

C) $1,728,220

D)$1,000,000

E) None of the above