Copperton Company issued bonds with a coupon rate of 8% (with half of the annual amount of interest paid every six months) and a face amount of $5,000. The bonds mature in 15 years. The market interest rate for bonds with the same degree of riskiness is 12% COMPOUNDED SEMIANNUALLY. The Copperton bonds were issued on January 1 of Year 1. Coupon payments are made every six months on June 30 and on December 31. What was the issuance price of these bonds on January 1 of Year 1?

• $5,000
• $3,624
• $2,276
• $1,778