In 2014, the Treasury issued 30-year bond due in 2044 with a coupon 2% and sell at Par. 10 (Ten) years down the road, in 2024, interest rate has gone up and new Treasure bond are being issued with YTM at 4%. If investors could choose between a bond with 4% yield and 2% yield, they would always choose 4%. Q: At what price, investors have no difference between a bond issued in 2014 and a bond issued in 2024?

Teacher, please help me write down the whole process of analysis, thank you!