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On January 1, 2024, Blossom Ltd issued bonds with a maturity value of $7.60 million when the market rate of interest was 4% The bonds

On January 1, 2024, Blossom Ltd issued bonds with a maturity value of $7.60 million when the market rate of interest was 4% The bonds have a coupon (contractual) interest rate of 5% and mature on January 1, 2034 Interest on the bonds is payable semi-annually on July 1 and January 1 of each year. The company's year end is December 31.

Calculate the issue price of the bond.

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