On January 1, 2020, Vaughn Manufacturing issued eight-year bonds with a face value of $6600000 and a stated interest rate of 10%, payable semiannually on June 30 and December 31. The bonds were sold to yield 12%. Table values are:

	Present value of 1 for 8 periods at 10%		0.467
	Present value of 1 for 8 periods at 12%		0.404
	Present value of 1 for 16 periods at 5%		0.458
	Present value of 1 for 16 periods at 6%		0.394
	Present value of annuity for 8 periods at 10%		5.335
	Present value of annuity for 8 periods at 12%		4.968
	Present value of annuity for 16 periods at 5%		10.838
	Present value of annuity for 16 periods at 6%		10.106

The issue price of the bonds is