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1. The issue price of the bonds on January 1 must be calculated at the present value of the in-terest payments and the present value

1. The issue price of the bonds on January 1 must be calculated at the present value of the in-terest payments and the present value of the principal, as follows: $5,000 3.60478 $50,000 0.56743 Issue price $18,024 28,372 $46,400

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