The firm issued $720 million principal amount of 3.1% fixed-rate notes in January, 2017 that will come due February, 2027. Interest is payable semi-annually in the rears. Assume that the notes were issued to yield 3.5%, i.e. the market interest rate on the day the notes were issued was 3.5%. What amount did the firm receive when the notes were issued?

I think this question is asking for the present value of $720 million, is that correct? PLEASE help me get started on how to solve this problem.

Thanks!