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Calculate the issue price of frontier world

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On January 1, 2021, Frontier World issues $40.3 million of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year. The proceeds will be used to build a new ride that combines a roller coaster, a water ride, a dark tunnel, and the great smell of outdoor barbeque, all in one ride.

Problem 1: If the market rate is 9%, calculate the issue price.

Reference no: EM132915136

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Calculate the issue price of frontier world : If the market rate is 9%, calculate the issue price. On January 1, 2021, Frontier World issues $40.3 million of 8% bonds, due in 15 years, with interest payable
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