Waterhouse Company plans to issue bonds with a face value of $506,000 and a coupon rate of 10 percent. The bonds will mature in 10 years and pay interest semiannually every June 30 and December 31. All of the bonds are sold on January 1 of this year. (FV of $1,PV of $1,FVA of $1, andPVA of $1)(Use the appropriate factor(s) from the tables provided. Round your final answer to whole dollars.)

Determine the issuance price of the bonds assuming an annual market rate of interest of 8 percent.