Brief Exercise $5-20($Algo$)$ Price of a bond $[$LO$5-10]$

On December $31,2024,$ a company issued $6\%$ stated rate bonds with a face amount of $$102$ million. The bonds mature on December $31,2054.$ Interest is payable annually on each December $31,$ beginning in $2025.$

Determine the price of the bonds on December $31,2024,$ assuming that the market rate of interest for similar bonds was $7\%.$

Note: Use tables, Excel, or a financial calculator. Enter your answers in whole dollars and not in millions. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$