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Find the selling price of the bonds

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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.

Question 1: Find the selling price of the bonds. Round amount to the nearest dollar.

 

Reference no: EM132662078

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