On January 1, 2023, Culver Corporation purchased a $1,110,000 bond issued by ALN Ltd. The bond was due to mature on December 31, 2025, and paid interest at 6% every June 30 and December 31. The market interest rate was 8%. Culver had both the intention and ability to hold the bond until its maturity date. On January 1, 2025, Culver became aware that ALN was experiencing severe financial difficulties. After discussing the situation with ALN and some of the other creditors, Culver believed that ALN would now be able to repay only $999,000 of the original $1,110,000 bond. (The tables in this problem are to be used as a reference for this problem.)

Table A-2 PRESENT VALUE OF 1 (PRESENT VALUE OFA SINGLE SUM] Table A-4 PRESENT VALUE OF AN ORDINARY ANNUITY OF 1 Calculate the purchase price of the bond usinz A-2 and A-4 Tables, a financial calculator or Excel functions. (Round foctor values to 5 decimal places, eg. 1.25124 and final answer to 2 decimal places, e.g 5.275.36.) Purchase price $ Table A-2 PRESENT VALUE OF 1 (PRESENT VALUE OFA SINGLE SUM] Table A-4 PRESENT VALUE OF AN ORDINARY ANNUITY OF 1 Calculate the purchase price of the bond usinz A-2 and A-4 Tables, a financial calculator or Excel functions. (Round foctor values to 5 decimal places, eg. 1.25124 and final answer to 2 decimal places, e.g 5.275.36.) Purchase price $