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What was the issuance price of the bonds

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Question - On January 1, a company issued $25 million of 10-year bonds with a coupon rate of 5%, payable semi-annually on June 30 and December 31. The market rate of interest on the issuance date was 4%. What was the issuance price of the bonds? Round your answer to the nearest dollar.

Reference no: EM132567924

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