On January 1, 2021, Swifty Co. issued ten-year bonds with a face value of $4,100,000 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 10 periods at 10% 0.386

Present value of 1 for 10 periods at 12% 0.322

Present value of 1 for 20 periods at 5% 0.377

Present value of 1 for 20 periods at 6% 0.312

Present value of annuity for 10 periods at 10% 6.145

Present value of annuity for 10 periods at 12% 5.650

Present value of annuity for 20 periods at 5% 12.462

Present value of annuity for 20 periods at 6% 11.470

(a) Calculate the issue price of the bonds. Issue price of bond $