On September 30, 2024, the Techno Corporation issued 8% stated rate bonds with a face amount of $100 million. The bonds mature on September 30, 2044 (20 years). The market rate of interest for similar bonds was 10%. Interest is paid semiannually on March 31 and September 30.

Required:

Determine the price of the bonds on September 30, 2024.

\begin{tabular}{|c|r|r|} \hline \multicolumn{2}{|l|}{ Time values are based on: } \\ \hline & & \\ \hline & \end{tabular} \begin{tabular}{|c|r|r|} \hline \multicolumn{2}{|l|}{ Time values are based on: } \\ \hline & & \\ \hline & \end{tabular}