On June 30, 2016, Singleton Computers issued 6% stated rate bonds with a face amount of $200 million.

On June 30, 2016, Singleton Computers issued 6% stated rate bonds with a face amount of $200 million.

The bonds mature on June 30, 2031 (15 years). The market rate of interest for similar bond issues was 4% (2.0% semiannual rate). Interest is paid semiannually (3.0%) on June 30 and December 31, beginning on December 31, 2016. (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 on June 30, 2016.