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White & Decker Corporation's 2024 financial statements included the following information in the long-term debt disclosure note: The disclosure note stated the debenture bonds were
White \& Decker Corporation's 2024 financial statements included the following information in the long-term debt disclosure note: The disclosure note stated the debenture bonds were issued late in 2019 and have a maturity value of $690 mullion. The maturity value indicates the amount that White \&. Decker will pay bondholders in 2039 . Each individual bond has a maturity value (face amo unt) of \$tyon zero cothon bonds pay no eash interest during the term to maturity. The company is "accreting (oradually increasing) the Issue price to maturity value using the bonds' effective interest rate comptied on an annual basis: Required: 1 Detarmine the effective interest rate on the bonds. 2. Determine the issue price in late 2019 of a single. $1,190 maturity value bond. Note: For all requirements, round your onswers in miltions to 2 decimal places. For example, $555.55 million should be entered as
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