On July 1, 2021, Cullumber Corp. issued $4,150,000 of 10-year, 5% bonds at $4,489,293. This price resulted in a 4% market interest rate on the bonds. The bonds pay semi-annual interest on July 1 and January 1, and Cullumber has a December 31 year end. 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 Assuming that the bonds were issued at a market interest rate of 6%, calculate the issue price of the bonds. (For calculation purposes, use 5 decimal places as displayed in the factor table provided. Round final answers to 0 decimal places, e.g. 5,275. If you are using Excel or a financial calculator, show cents in your amounts.)

Issue price

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