GMAT Corporation is planning to issue bonds with a face value of $257,500 and a coupon rate of 6 percent. The bands mature in 5 years and pay interest semiannually every June 30 and Decamber 31. All of the bonds ware sold on January 1 of this year. Determine the issuance price of the bonds assuming an annual market rate of interest of 8.0 percent. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided. Round your final answer to whole dollars.)