On June $30,2021,$ the market interest rate is $7\%.$ Score Corporation issues $$900,000$ of $11\%,10-$year bonds payable. The bonds pay interest on June $30$ and December $31.$ The company amortizes bond premium using the effective$-$interest method.

Read the requirements.

Requirement $1.$ Use the PV function in Excel to calculate the issue price of the bonds. $($Round your answer to the nearest whole dollar.$)$

The issue price of the bonds is $$