Present value of bonds payable; premium

Moss Co$.$ issued $$42,000,000$ of $5-$year, $11\%$ bonds, with interest payable semiannually, at a market $($effective$)$ interest rate of $9\%.$

Determine the present value of the bonds payable using the present value tables in Exhibit $5$ and Exhibit $7.$ Round to the nearest dollar.

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