On January $1,2024,$ Rare Bird Limited purchased $15\%$ bonds dated January $1,2024,$ with a face amount of $$24$ million. The bonds

mature in $2034(10$ years$).$ For bonds of similar risk and maturity, the market yield is $10\%.$ 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