On January 1, 2022, Drennen, Incorporated, issued $4.6 million face amount of 10-year, 18% stated rate bonds when market interest rates were 16% The bonds pay semiannual interest each June 30 and December 31 and mature on December 31, 2028. Table 6:4. Table 6-5 Note: Use appropriate factor from the table provided. Problem 7-33 (Algo) Part a Required: a. Calculate the proceeds (issue price) of Drennen Incorporated's bonds on January 1, 2022, assuming that the bonds were sold to provide a market rate of return to the investor. Note: Enter your answers in whole dollars, not in millions. Proceeds Answer is complete and correct. 5,051,393