TB Problem $5-165($Static$)$ On January $1,2024,$ Bishop...

On January $1,2024,$ Bishop Company issued $10\%$ bonds dated January $1,2024,$ with a face amount of $$20$ million. The bonds mature in $2034(10$ years$).$ For bonds of similar risk and maturity, the market yield is $12\%.$ Interest is paid semiannually on June $30$ and December $31.$

Required:

Determine the price of the bonds on January $1,2024.$

Note: Use tables, Excel, or a financial calculator. Enter your answer in whole dollars. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$PVA of $$1,$FVAD of $$1$ and PVAD of $$1)$

Price of the bonds