Scottie Adams Bird Supplies issued 13% bonds, dated January 1, with a face amount of $240,000 on January 1, 2021. The bonds mature in 2031 (10 years). For bonds of similar risk and maturity the market yield is 12%. Interest is paid semiannually on June 30 and December 31. What is the price of the bonds at January 1, 2021? Some relevant and irrelevant present value factors:

*PV of annuity due of $1: n=20, i=6% is 12.15812

*PV of ordinary annuity of $1: n=20, i= 6% is 11.46992

**PV of $1: n=20, i=6% is 0.31180

a. $253,763

b. $276,199

c. $432,694

d. $210,591