On January 1, 2020, Baumgardner Corp. issued eight-year, 6% bonds with a face value of $500,000, with interest payable semi-annually 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% .627 Present value of 1 for 8 periods at 8% .540 Present value of 1 for 16 periods at 3% .623 Present value of 1 for 16 periods at 4% .534 Calculate the present value of the principal. (If you use a financial calculator to solve the question, indicate the numbers you entered as input).