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On July 1 , 2 0 Y 1 , Livingston Corporation, a wholesaler of manufacturing equipment, issued $ 4 , 8 0 0 , 0

On July 1,20Y1, Livingston Corporation, a wholesaler of manufacturing equipment, issued $4,800,000 of 7-year, 9% bonds at a market (effective) interest rate of 11%, receiving cash of $4,339,700. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year.
Compute the price of $4,339,700 received for the bonds by using the Present value at compound interest, and Present value of an annuity. Round your PV values to 5 decimal places and the final answers to the nearest dollar. Your total may vary slightly from the price given due to rounding differences.

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