On June 30, 2021, Heathrow Manufacturing issued 8% stated rate bonds with a face amount of $300 million. The bonds mature on June 30, 2038 (20 years). The market rate of interest for similar bond issues was 10% (5% semiannual rate). Interest is paid semiannually (4%) on June 30 and December 31, beginning on December 31, 2021.

Required:

Determine the price of the bonds on June 30, 2021.