On January 1, 2016, Instaform, Inc., issued 12% bonds with a face amount of S60 million, dated January 1 The bonds mature in 2035 (20 years) The market yield for bonds of similar risk and maturity is 14%, Interest is paid semiannually. (FV of $1. PV of $1, FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1.1 Determine the price of the bonds at January 1, 2016. (Enter your answer in whole dollar.) Price of the bonds