On January 1, Year 1, DFC Co. issued five-year bonds with a face value of $ 460,000 and a stated interest rate of 12% payable semiannually on every July 1 and January 1, beginning from July 1, Year 1. The market rate of interest for bonds of similar risk is 10%. Present value table factors are: Present value of 1 for 5 periods at 10% Present value of 1 for 5 periods at 12% Present value of 1 for 10 periods at 5% Present value of 1 for 10 periods at 6% Present value of an ordinary annuity of 1 for 5 periods at 10% Present value of an ordinary annuity of 1 for 5 periods at 12% Present value of an ordinary annuity of 1 for 10 periods at 5% Present value of an ordinary annuity of 1 for 10 periods at 6% Calculate the issue price of the bonds. .62092 .56743 .61391 .55839 3.79079 3.60478 7.72173 7.36009