Interest is paid semiannually

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Reference no: EM13751808

The fiscal year ends December 31 for Lake Hamilton Development. To provide funding for its Moonlight Bay project, LHD issued 7% bonds with a face amount of $630,000 on November 1, 2013. The bonds sold for $567,653, a price to yield the market rate of 8%. The bonds mature October 31, 2033 (20 years). Interest is paid semiannually on April 30 and October 31.

Reference no: EM13751808

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