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.

A) 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?

Answer (show the steps/calculation toward your answer):