On January 1, 2020, Ellison Co. issued eight-year bonds with a face value of $6,000,000 and a stated interest rate of 6%, payable semiannually on June 30 and December 31. The bonds were sold to yield 8%. Table values are: Present value of 1 for 8 periods at 6% ...627 Present value of 1 for 8 periods at 8% ..540 Present value of 1 for 16 periods at 3% ...623 Present value of 1 for 16 periods at 4% 534 Present value of annuity for 8 periods at 6% .6.210 Present value of annuity for 8 periods at 8 5.747 Present value of annuity for 16 periods at 3% 12.561 Present value of annuity for 16 periods at 4% .11.652 The issue price of the bonds is closest to 55.997,600. $5,301,360 55,337,360 $5,308,920