On January 1, Rom Corporation issued bonds with a face value of $800,000 and a stated rate of 8%. The bonds mature in four years and pay interest semi-annually on June 30 and December 31. The market rate of interest on the date of issue was 6%.

Additional information:

	PV of $1					PVA of $1
n / i	3%	4%	6%	8%		3%	4%	6%	8%
2	.94260	.92456	.89000	.85734		1.91347	1.88609	1.83339	1.78326
4	.88849	.85480	.79209	.73503		3.71710	3.62990	3.46511	3.31213
8	.78941	.73069	.62741	.54027		7.01969	6.73274	6.20979	5.74664

What was the issue (sale) price on January 1? (Round to nearest dollar.)

$829,739

$856,158

$744,556

$800,000