On January 1, 2017, Concord Corporation issued eight-year bonds with a face value of $6300000 and a stated interest rate of 6%, payable semiannually on June 30 and December 31. The bonds were sold to yield 8%. Table values are:

	Present value of 1 for 8 periods at 6%		0.627
	Present value of 1 for 8 periods at 8%		0.540
	Present value of 1 for 16 periods at 3%		0.623
	Present value of 1 for 16 periods at 4%		0.534
	Present value of annuity for 8 periods at 6%		6.210
	Present value of annuity for 8 periods at 8%		5.747
	Present value of annuity for 16 periods at 3%		12.561
	Present value of annuity for 16 periods at 4%		11.652

The present value of the interest is