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Calculate the issuance price for michael incorporated

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Reference no: EM132966860

Problem 1: On January 1, 2011, Michael's Incorporated issued $8,000,000 of 10-year bonds at a 11% stated interest rate to be paid annually. Calculate the issuance price if the market rate of interest is 9%

Option 1: $8,000,000

Option 2: $9,023,840

Option 3: $8,923,840

Option 4: $11,376,000

Option 5: $9,975,023

Reference no: EM132966860

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