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On March 28, 2008, Toyota Motor Credit Corp. (TMCC) issued new securities for sale to the public. Under the terms, TMCC promised to repay the

On March 28, 2008, Toyota Motor Credit Corp. (TMCC) issued new securities for sale to the public. Under the terms, TMCC promised to repay the owners of the securities $100,000 per share in 2038, 30 years from the offering date, and no interim payment is available between the issuance and the maturity of the securities. Investors paid TMCC $24,099 for each share of these securities.

Suppose the required rate of return for the TMCCs securities remains unchanged until the maturity. If you wanted to buy a share of the securities on March 28, 2028, 20 years from the issuance, what would the price of the securities be?

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