View the step-by-step solution to: On September 30, 2011, the San Fillipo Corporation issued 8%

On September 30, 2011, the San Fillipo Corporation issued 8% stated rate bonds with a face amount of $300 million. The bonds mature on September 30, 2031 (20 years). The market rate of interest for similar bonds was 10%. Interest is paid semiannually on March 31 and September 30. What is the price of the bond on date of purchase
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