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3. On January 1, MAX issued ten-year bonds with a face amount of P1,000,000 and a stated interest rate of 8 percent payable annually each

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3. On January 1, MAX issued ten-year bonds with a face amount of P1,000,000 and a stated interest rate of 8 percent payable annually each January 1. The bonds were priced to yield 10 percent. The total issue price (rounded) of the bonds was a. P1,000,000. b. P980,000. c. P920,000. d. P880,000

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