Show me the steps to solve hite & Decker Corporation$$s $2024$ financial statements included the following information in the long$-$term debt disclosure note:

$($$ in millions$)2024$

Zero$-$coupon subordinated debentures, due $2039$: $ $278$

The disclosure note stated the debenture bonds were issued late in $2019$ and have a maturity value of $$580$ million. The maturity value indicates the amount that White & Decker will pay bondholders in $2039.$ Each individual bond has a maturity value $($face amount$)$ of $$1,080.$ Zero$-$coupon bonds pay no cash interest during the term to maturity. The company is $$accreting$($gradually increasing$)$ the issue price to maturity value using the bonds' effective interest rate computed on an annual basis.

Required:

Determine the effective interest rate on the bonds.

Determine the issue price in late $2019$ of a single, $$1,080$ maturity$-$value bond.