McWherter Instruments sold $610 million of 10% bonds, dated
January 1, on January 1, 2013. The bonds mature on December 31,
2032 (20 years). For bonds of similar risk and maturity, the market
yield was 12%. Interest is paid semiannually on June 30 and
December 31. Blanton Technologies, Inc., purchased $610,000 of the
bonds as a long-term investment. (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.)
Determine the price of the bonds issued on January 1, 2013.
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