The Bradford Company issued 10% bonds, dated January 1, with a face amount of $98 million on January 1, 2016. The bonds mature on December 31, 2025 (10 years). For bonds of similar risk and maturity, the market yield is 12%. Interest is paid semiannually on June 30 and December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Determine the price of the bonds at January 1, 2016. (Enter your answers whole dollars.)