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On December 31,2024 , a company issued 5% stated rate bonds with a face amount of $118 million. The bonds mature on December 31, 2054.
On December 31,2024 , a company issued 5% stated rate bonds with a face amount of $118 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 6%. Note: Use tables, Excel, or a financial calculator. Enter your answers in whole dollars and not in millions. (EV of \$1. PV of S1. EVA of \$1. PVA of $1, EVAD of $1 and PVAD of \$1)
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