On September 30, 2018, the San Fillipo Corporation issued 8% stated rate bonds with a face...
On September 30, 2018, the San Fillipo Corporation issued 8% stated rate bonds with a face amount of $280 million. The bonds mature on September 30, 2038 (20 years). The market rate of interest for similar bonds was 10%. Interest is paid semiannually on March 31 and September 30. ((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: Determine the price of the bonds on September 30, 2018. (Enter your answers in whole dollars. Round your final answers to nearest whole dollar amount.)
| Table values are based on: | ||
| n = | ||
| i = | ||
| Cash Flow | Amount | Present Value |
| Interest | ||
| Principal | ||
| Price of bonds | ||
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