Question: On December 3 1 , 2 0 2 1 , Kaplan, Inc., issues $ 4 5 0 , 0 0 0 of 9 % bonds

On December 31,2021, Kaplan, Inc., issues $450,000 of 9% bonds that pay interest semiannually and mature in 10 years (December 31,2031). Compute the issue price assuming that the bonds' market rate is 8% per year compounded semiannually. Round answer to two decimal places.

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