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On January 1, 2022, Wunder Limited. purchased 12% bonds dated January 1, 2022, with a face amount of $25 million. The bonds mature in 2032

On January 1, 2022, Wunder Limited. purchased 12% bonds dated January 1, 2022, with a face amount of $25 million. The bonds mature in 2032 (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, 2022.

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