Question: On January 1 , 2 0 2 4 , Bishop Company issued 9 % bonds dated January 1 , 2 0 2 4 , with

On January 1,2024, Bishop Company issued 9% bonds dated January 1,2024, with a face amount of $27 million. The bonds mature in 2034(10 years). For bonds of similar risk and maturity, the market yield is 11%. Interest is paid semiannually on June 30 and December 31.
Required:
Determine the price of the bonds on January 1,2024.
Note: Use tables, Excel, or a financial calculator. Enter your answer in whole dollars. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)
Price of the bonds
On January 1,2024, Bishop Company issued 9% bonds dated January 1,2024,

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