On January 1,a Company Issues 8%,5-Year,$300,000 Bonds That Pay Interest

On January 1,a company issues 8%,5-year,$300,000 bonds that pay interest semiannually each June 30 and December 31.On the issue date,the annual market rate of interest for the bonds is 10%.Compute the price of the bonds on their issue date.The following information is taken from present value tables:
$$\begin{array} {| l | l| } \hline\text { Present value of an annuity for } 10 \text { periods at } & \\4 \% & 8.1109 \\\hline \text { Present value of an annuity for } 10 \text { periods at } & \\5 \% & 7.7217 \\\hline \text { Present value of } 1 \text { for } 10 \text { periods at } 4 \% & 0.6756 \\\hline \text { Present value of } 1 \text { for } 10 \text { periods at } 5 \% & 0.6139 \\\hline\end{array}$$