The Bradford Company issued 10% bonds, dated January 1, with a face amount of $80 million on January 1, 2018. The bonds mature on December 31, 2027 (10 years). For bonds of similar risk and maturity, the market yield is 12%. Interest is paid semiannually on June 30 and December 31. Present value of an ordinary annuity of $1: n = 20, i = 6% =11.46992 Present value of $1: n = 20, i = 6% =0.31180 Future value of an ordinary annuity of $1: n = 20, i = 6% =11.46992 Future value of $1: n = 20, i = 6% =0.31180 14 30. Determine the price of the bonds at January 1, 2018. A. Present value (price) of the bonds $70,823,680 B. Present value (price) of the bonds $60,823,680 C. Future value (price) of the bonds $70,823,680 D. Future value (price) of the bonds $80,000,000