Bond Issued at a Premium Lan Corporation issues $600,000 of 20-year bonds with a stated interest rate

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Bond Issued at a Premium Lan Corporation issues $600,000 of 20-year bonds with a stated interest rate of 8 percent on January 1. The bonds pay interest annually on December 31. The current market rate for similarly rated securities at the time of issue is 6 percent. What is the issue price of the bonds?

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