On January 1, Ruby Inc. issued 5,000 of $1,000 par value bonds with a stated rate of 6% and a 8-year maturity. Interest is payable semiannually on June 30 and December 31. Use Future Value of a Single Amount, Present Value of a Single Amount, Future Value of an Annuity and Present Value of an Annuity.

What is the issue price if the bonds are sold to yield 8%? Round factors to five decimal places and final answer to the nearest dollar.