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What was the issue price of the bonds

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Question - On January 1, 2010, Broker Corp. issued $3,000,000 par value 12%, 10 year bonds which pay interest semiannually each June 30 and December 31. If the market rate of interest at issuance was 8%, what was the issue price of the bonds?

a. $3,815,420

b. $2,311,805

c. $3,000,000

d. $3,339,084

Reference no: EM132607096

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