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3. ALUMIL Industries issues $3,000,000 face value of 3yr bonds in the open market on Jan 15, 2019. The bonds pay a coupon of

3. ALUMIL Industries issues $3,000,000 face value of 3yr bonds in the open market on Jan 15, 2019. The bonds pay a coupon of 5.5% annually on the issue anniversary date. The prevailing market yield on bonds of comparable risk and maturity is 5%. Calculate the value of the Long Term Debt Liability these bonds represent for ALUMIL Industries.

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