On January 1, 2010, Fishbone Corporation purchased 300 of the $1,000 face value, 9%, 10-year bonds of Walters Inc.

On January 1, 2010, Fishbone Corporation purchased 300 of the $1,000 face value, 9%, 10-year bonds of Walters Inc. The bonds mature on January 1, 2020, and pay interest annually beginning January 1, 2011. Fishbone purchased the bonds to yield 11%. How much did Fishbone pay for the bonds?

Face value of bondCoupon rateMaturityYield rateCurrent price of bondTotal Price paid on 300 bonds 10009%1011%$(882.22)$264,666.00