On January 1,2024 , Sheridan Ltd. issued bonds with a maturity value of $8.20 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. Click here to view the factor table. Present Value of 1 Click here to view the factor table. Present Value of an Annuity of 1 (a) Calculate the issue price of the bonds. (For calculation purposes, use 5 decimal places as displayed in the foctor table provided, Round final answer to 0 decimal places, e. .5.275.)