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Find the effective rate of interest at issue date

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Reference no: EM132868445

Question - JV issued $10,000, 10% bonds payable (interest payable annually), which mature at the end of six years from issue date. The present value of the bonds is $9,177. Find the effective rate of interest (yield) at issue date?

a) 24%

b) 6%

c) 12%

d) 8%

Reference no: EM132868445

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