On January 1, 2020, Coronado Industries issued ten-year bonds with a face amount of $4100000 and a stated interest rate of 8% payable annually on January 1. The bonds were priced to yield 11%. Present value factors are as follows:

		At 8%		At 11%
Present value of 1 for 10 periods		0.463		0.352
Present value of an ordinary annuity of 1 for 10 periods		6.710		5.889

The total issue price of the bonds was

$3374792.

$3772000.

$4100000.

$3977000.