On 1/1/2020 Big sky Inc., issued $50,000,000,12% bonds due 12/31/2022. The coupon payments (i.e., 6% semi-annual.) are paid on June 30 th 8 Dec 31st. At the time of issue, the stated market rate for similar bond issues was 8%,(.e., 4% semi-annual.) a) Calculate the issue price (present value) of the bond proceeds. (round to nearest dollar). (Show and label your work)