Marwick Corporation issues 10%, 5 year bonds with a par value of $1,240,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 8%. What is the bond's issue (selling) price, assuming the following Present Value factors:

1n=			i=			Present Value of an Annuity (series of payments)				Present value of 1 (single sum)
	5		10	%			3.7908				0.6209
	10		5	%			7.7217				0.6139
	5		8	%			3.9927				0.6806
	10		4	%			8.1109				0.6756