GMAT Corporation is planning to issue bonds with a face value of $251,000 and a coupon rate of 4 percent. The bonds mature in 10 years and pay interest semiannually every June 30 and December 31. All of the bonds were sold on January 1 of this year. Determine the issuance price of the bonds assuming an annual market rate of interest of 6.0 percent. (FV of $1,PV of $1,FVA of $1, andPVA of $1)

What is the issue price?