On March 1, 2014, Catherine purchased $450,000 of Tyson Co.’s 10%, 20-year bonds at face value. Tyson Co. has regularly paid the annual interest due on the bonds. On March 1, 2019, market interest rates had risen to 12%, and Catherine is considering selling the bonds.

Required:

Using the present value tables in Chapter 6, calculate the market value of Catherine’s bonds on March 1, 2019.