On January 1, 2013, Learned, Inc., issued $2.6 million face amount of 10-year, 7% stated rate bonds when market interest rates were 1%. The bonds pay semiannual interest each June 30 and December 31.
Calculate the proceeds (issue price) of Learned, Inc.’s, bonds on January 1, 2013, assuming that the bonds were sold to provide a market rate of return to the investor. (Round your answer to the nearest whole dollar amount. (e.g., 32))