Scottie Adams Bird Supplies issued 10% bonds, dated January 1, with a face amount of $190,000 on January 1, 2021. The bonds mature in XXXXXXXXXXyears). For bonds of similar risk and maturity the...

Scottie Adams Bird Supplies issued 10% bonds, dated January 1, with a face amount of $190,000 on January 1, 2021. The bonds mature in 2031 (10 years). For bonds of similar risk and maturity the market yield is 8%. Interest is paid semiannually on June 30 and December 31. What is the price of the bonds at January 1, 2021? Some relevant and irrelevant present value factors:

* PV of annuity due of $1: n = 20; i = 4% is 14.13394

* PV of ordinary annuity of $1: n = 20; i = 4% is 13.59033

**PV of $1: n = 20; i = 4% is 0.45639

Multiple Choice

$215,822.

$148,253.

$228,112.

$344,930.