McGill would like to build a new gym for its campus and decides to issue bonds in order to raise money. On January 1st, Year 1, McGill issues a four-year, $10,000 face value bond with a 6% stated annual interest rate. Interest is payable semi-annually on the last day of June and the last day of December. The market annual interest rate is 8%. Calculate the issue price of McGill's bond. Round your final answer to the nearest two decimal places
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