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2. On January 1, 2018, Ross & Rachel Company issued bonds with a face amount of $275,000 and a stated rate of 4%. The bonds

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2. On January 1, 2018, Ross & Rachel Company issued bonds with a face amount of $275,000 and a stated rate of 4%. The bonds mature in 5 years. The market rate of interest for similar bonds was 6%. Interest is paid semiannually on June 30th and December 31st. Calculate the issue price of the bonds on January 1, 2018

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