On January 1, Pepper Co. issued ten-year bonds with a face value of $50,000,000. The stated rate of

On January 1, Pepper Co. issued ten-year bonds with a face value of $50,000,000. The stated rate of interest is 4%, with coupons payable semiannually on June 30 and December 31. The bonds were sold to yield 6%. Determine the issue price of the bonds. (Round your final answer to the nearest thousand dollars.)