Scottie Adams Bird Supplies issued 14% bonds, dated January 1, with a face amount of $180,000 on January 1, 2024. The bonds mature in 2033 (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 on January 1, 2024? 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

Multiple Choice

$168,886

$200,645

$218,766

$345,166