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?

(a) 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?

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