On January $1,2025,$ Dana Corporation issued $$2,900,000$ par value $11\%,11-$year bonds which pay interest each December $31.$ If the market rate of interest was $13\%,$ what was the issue price of the bonds? $($The present value factor for $$1$ in $11$ periods at $11\%$ is $0\mathrm{.}3173$ and at $13\%$ is $0\mathrm{.}2607.$ The present value of an annuity of $$1$ factor for $11$ periods at $11\%$ is $6\mathrm{.}2065$ and at $13\%$ is $5\mathrm{.}6869.)$

Multiple Choice

$$2,900,000.$

$$3,259,978.$

$$2,570,151.$

$$2,733,667.$