Waterway Corporation issues $410,000 of 9% bonds, maturing in 11 years, with interest payable semiannually. At the time of issuance, the market rate for such bonds is 10%.

Calculate the issue price of the bonds. (Round the present value factor calculations to 5 decimal places, for example, 1.25124, and the final answer to 0 decimal places, for example, 58,971.)