On January 1, 2020, Carrera Co. issued eight-year bonds with a face value of $1,000,000 and a stated interest rate of 8%, payable semiannually on June 30 and December 31. The bonds were sold to an yield 6% effective rate.

Use the following table values below to calculate your answer and to avoid rounding errors. Not all table values will be used, however.

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

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 issue price of the bonds is?

Use comma separators but no dollar signs and round to the nearest dollar.