GrouperInc. issues $2,800,000of7% bonds due in10years with interest payable at year-end. The current market rate of interest for bonds of similar risk is12%.

What amount willGrouperreceive when it issues the bonds?(For calculation purposes, use 5 decimal places as displayed in the factor table provided and final answer to 0 decimal places, e.g. 458,581.)

Amount received byGrouperwhen bonds were issued