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Compute the effective yield rate on each issuance

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Question - On June 30, 2016, Gaston Corporation sold $680,000 of 9% face value bonds for $717,802.84. On December 31, 2016, Gaston sold $350,000 of this same bond issue for $332,677.40. The bonds were dated January 1, 2016, pay interest semiannually on each December 31 and June 30, and are due December 31, 2023.

Required: Compute the effective yield rate on each issuance of Gaston's 9% bonds.

Reference no: EM132090503

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