Jacobs inc sold 5 year bonds having a face value of 100000

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Jacobs Inc. sold 5 year bonds having a face value of $100,000 and a coupon rate of 7% when the market rate was 9%. The present value of $1 at 9% for five periods is $0.6499. The present value of a $1 annuity for 5 periods at 9% is $3.8897. At what price did these bonds sell?

Reference no: EM13608194

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