On December 31, 2021, Interlink Communications issued 5% stated rate bonds with a face amount of $106 million. The bonds mature on December 31, 2051. Interest is payable annually on each December 31, beginning in 2022. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)

Determine the price of the bonds on December 31, 2021, assuming that the market rate of interest for similar bonds was 6%. (Round your final answers to nearest whole dollar amount.)

Answer is complete but not entirely correct.

Table values are based on:
n = 30selected answer correct
i = 6%selected answer correct
Cash Flow Amount Present Value
Interest $111,300,000selected answer incorrect $74,454,240selected answer incorrect
Principal $100,000,000selected answer incorrect 13,137,000selected answer incorrect
Price of bonds $87,591,240selected answer incorrect