On August 1, 2002, Bonnie purchased $15,000 of Huber Co.'s 10%, 20-year bonds at face value. Huber Co. has paid the semiannual interest due on the bonds regularly. On August 1, 2010, market rates of interest had fallen to 8%, and Bonnie is considering selling the bonds.
Required:
Using the present value tables, calculate the market value of Bonnie's bonds on August 1, 2010. (Round pv factor to 4 decimal places and the final answer to 2 decimal places.