On December 31, 2024,

when the market interest rate is 10%,

Timmony Realty

issues $700,000

of 7.25%,

10-year

bonds payable. The bonds pay interest semiannually. Determine the present value of the bonds at issuance. (Round all currency amounts to the nearest whole dollar.)

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Part 1

The present value of the bonds at issuance amounts to

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