On January 1, 2020 Pharoah Co. issued five-year bonds with a face value of $530,000 and a stated interest rate of 12% payable semiannually on July 1 and January 1. The bonds were sold to yield 10%.

Present value table factors are:

Present value of 1 for 5 periods at 10%

0.62092

Present value of 1 for 5 periods at 12%

0.56743

Present value of 1 for 10 periods at 5%

0.61391

Present value of 1 for 10 periods at 6%

0.55839

Present value of an ordinary annuity of 1 for 5 periods at 10%

3.79079

Present value of an ordinary annuity of 1 for 5 periods at 12%

3.60478

Present value of an ordinary annuity of 1 for 10 periods at 5%

7.72173

Present value of an ordinary annuity of 1 for 10 periods at 6% 7.36009

Calculate the issue price of the bonds. (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,582.)

Issue price of bonds $