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Exercise 5-21(Algo) Price of a bond [LO5-9,5-10] On September 30,2024, the Techno Corporation...

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Accounting

Exercise 5-21(Algo) Price of a bond [LO5-9,5-10]
On September 30,2024, the Techno Corporation issued 8% stated rate bonds with a face amount of $440 million. The
bonds mature on September 30,2044(20 years). The market rate of interest for similar bonds was 10%. Interest is paid
semiannually on March 31 and September 30.
Required:
Determine the price of the bonds on September 30,2024.
Note: Use tables, Excel, or a financial calculator. Round your final answers to nearest whole dollar amount, not in
millions. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)
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