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$($Appendix $9$A$)$ Bond Issue Price

On January $1,$ Ruby Inc. issued $1,000$ of $$1,000$ par value bonds with a stated rate of $8\%$ and a $10-$year maturity. Interest is payable semiannually on June $30$ and

December $31.$ Use Future Value of a Single Amount, Present Value of a Single Amount, Future Value of an Annuity and Present Value of an Annuity

Required:

What is the issue price if the bonds are sold to yield $6\%?$ Round factors to five decimal places and final answer to the nearest dollar.

$

$x$

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Bonds are priced at the present value of the two future cash flows, periodic interest payments, and repayment of the principal.