Question: issued 1 0 % bonds dated January 1 , 2 0 2 4 , with a face amount of $ 1 9 . 7 million.

issued 10% bonds dated January 1,2024, with a face amount of $19.7 million. The bonds mature in 2033(10 years). For bonds of similar risk and maturity, the market yield is 8%. Interest is paid semiannually on June 30 and December 31.
Required:
Determine the price of the bonds on January 1,2024.

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