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What is the issue price for the bond

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Question: Corkicle company manufactures Clorox wipes for use by people and their families. Because of the virus lately, there has been a great demand for their product and they've decided they would like to expand their operations. The manager for Corkicle has decided to issue a $1,200,000 of 4% term bonds due in 10 years. Interest will be paid semiannually. Similar bonds on the market have an effective rate of 6%. What is the issue price for this bond?

Reference no: EM132748093

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