Sheffield Limited issued $$5,000,000$ of $10-$year, $6\%$ bonds on January $1,2024,$ when the market interest rate was $7\%.$ Sheffield

received $$4,644,710$ when it issued these bonds. Interest is payable semi$-$annually on July $1$ and January $1.$ Sheffield has a December

$31$ year end.

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$($a$)$

What is the bonds' present value $($issue price$)$ on January $1,2024?($For calculation purposes, use $5$ decimal places as displayed in the

factor table provided, e$.$g$.0\mathrm{.}23465.$ Round answer to $0$ decimal places, e$.$g$.5,275.)$

Bonds' present value $($issue price$)$ on January $1,2024$$