On January 1, 2017. Swifty Corporation issued eight-year bonds with a face value of $6200000 and a stated interest rate of 8%, payable semiannually on June 30 and December 31. The bonds were sold to yield 10%. Table values are: Present value of 1 for 8 periods at 8% 0.540 Present value of 1 for 8 periods at 10% 0.467 Present value of 1 for 16 periods at 4% 0.534 Present value of 1 for 16 periods at 5% Present value of annuity for 8 periods at 8% Present value of annuity for 8 periods at 10% 0.458 5.747 5.335 Present value of annuity for 16 periods at 4% 11.652 Present value of annuity for 16 periods at 5% 10.838 The present value of the interest is