On January $1,2024,$ Oriole Ltd$.$ issued bonds with a maturity value of $$8\mathrm{.}00$ million when the market rate of interest was $4\%.$ The bonds have a coupon $($contractual$)$ interest rate of $5\%$ and mature on January $1,2034.$ Interest on the bonds is payable semi$-$annually on July $1$ and January $1$ of each year. The company's year end is December $31.$ calculate the issue price of the bonds