Grandi issues bonds. The bond is unsecured, and bears annual interest payments amounting to 3% of the nominal value of the bonds. In addition, there are annual installments of the principal of the bond, i.e. 0.2 million ISK in a year. The nominal value of the bonds is 1 million. ISK The first due date of interest and installments is exactly 1 year. The bond's latest maturity date is 5 years from now.

Grandi sells these bonds at a yield of 3.8%. At what price are the bonds sold?