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Calculate the issue price of the bonds

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Reference no: EM132961128

Question - On January 1, 2021, Eleanor Co. issued ten-year bonds with a face value of $8,000,000 and a stated interest rate of 8%, payable semiannually on June 30 and December 31. The bonds were sold when the market interest rate was 10%.

Required -

a. Calculate the issue price of the bonds.

b. Were they issued at par, a premium or a discount?

Reference no: EM132961128

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