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Determine the selling price of the bonds

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Question - Mitchell Inc. issued 60, 6%, $1,000 bonds on January 1, 2020. The bonds pay cash interest semiannually each July 1, and December 31, and were issued to yield 7%. The bonds mature December 31, 2022, and the company uses the effective interest method to amortize bond discounts or premiums. Determine the selling price of the bonds. Round amount to the nearest dollar.

Reference no: EM132715697

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