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What is the present value of the bonds on january 1

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Company X issued 10% bonds with a face amount of $80 million on January 1, 2011. The bonds mature on December 31, 2020 (10 years). The market rate is 12%. Interest is paid semiannually on June 30 and December 31. What is the present value of the bonds on January 1, 2011 ?

Reference no: EM132385737

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