On July 31, 2013, Camelot Castle Resorts issues a $3,2500,000, 10 year, 8.5% Bond with interest payable semiannually on January 31 and July 31 of each year. The market interest rate on the date of issuance is 5%. Camelot Castle Resorts uses the effective interest method to amortize bonds.
Calculate the issuance price of the bond using the appropriate present value tables attached.
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