Delta Corp. issued $3,300,000 par value 9%, 9-year bonds on January 1, 2020. The bonds pay interest each December 31. If the market rate of interest was 11% when the bonds were issued, what was the issue price of the bonds? Select the response below which is closest to your answer.

Multiple Choice

• $3,163,915.

• $2,934,459.

• $3,300,000.

• $3,695,686.