Sandhill Cars Co. issued $1.78 million of 5%,5-year bonds on January 1, 2024. The bonds were dated January 1 and pay interest annually. The bonds are secured with real estate holdings. The market interest rate was 4% for these bonds. Sandhill has a calendar 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 (a) Calculate the price of the bonds. (For calculation purposes, use 5 decimal places as displayed in the factor table provided. Round answer to 0 decimal places, e.g. 1,575.)