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Determine the price of the bonds at January

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Question - On January 1, 2021, Shirley Corporation purchased 10% bonds dated January 1, 2021, with a face amount of $22 million. The bonds mature in 2033 (10 years). For bonds of similar risk and maturity, the market yield is 12%. Interest is paid semiannually on June 30 and December 31. Determine the price of the bonds at January 1, 2021.

Reference no: EM132945366

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