Please Explain, do not offer an Excel explanation. Thank you for your help!

Sandhill Co. is about to issue $312,200 of 7-year bonds paying an 11% interest rate, with interest payable semiannually. The discount rate for such securities is 8%. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) How much can Sandhill expect to receive for the sale of these bonds?