Question: On December 31, 2018, Interlink Communications issued 5% stated rate bonds with a face amount of $111 million. The bonds mature on December 31, 2048.

On December 31, 2018, Interlink Communications issued 5% stated rate bonds with a face amount of $111 million. The bonds mature on December 31, 2048. Interest is payable annually on each December 31, beginning in 2019. (FV of $1,PV of $1,FVA of $1,PVA of $1,FVAD of $1andPVAD of $1)(Use appropriate factor(s) from the tables provided.)

Determine the price of the bonds on December 31, 2018, assuming that the market rate of interest for similar bonds was 6%.(Enter your answers in whole dollars. Round your final answers to nearest whole dollar amount.)

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