On January 1, 2021, Water Wonderland issues $30 million of 7% bonds, due in nine years, with interest payable semiannually on June 30 and December 31 each year. Use Table 2 and Table 4.

3. If the market rate is 8%, will the bonds issue at face amount, a discount, or a premium? Calculate the issue price. (Round "PV Factor" to 5 decimal places. Round other intermediate calculations and final answer to the nearest dollar amount. Enter your answer in dollars, not in millions.) TABLE 2 Present Value of $1 PV=11+31 ABLE \& Present Volue of an Ordinary Arnuity of $1 min 1d+P31