Can you please explain the answer in detail.

On January 1, 2021. Sheridan Ltd. issued bonds with a maturity value of $8,200,000 when the market rate of interest was 4%. The bonds have a coupon (contractual) interest rate of 5% and mature on January 1, 2031. Interest on the bonds is payable semi- annually on July 1 and January 1 of each year. The company's year end is December 31 Click here to view the factor table. Present Value of 1 Click here to view the factor table. Present Value of an Annuity of 1 Calculate the issue price of the bonds. (For calculation purposes, use 5 decimal places as displayed in the factor table provided. Round final answer to decimal places, eg. 5275) Issue Price