City of Budget Haven (State of Finansylvania) is selling 25,000 bonds to raise capital for its infrastructure improvement projects. Each bond has a face value of $5,000, annual coupon rate of 5%, maturity of 20 years, and semi-annual coupon payments.

Question 1: Because the access to the credit resources was extremely easy, the market interest rate for bonds with similar risk profile was about 3.00%. How much would the city of Budget Rouge receive for each bond if it issued bond at that time?