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3. Simmons Corporation issues $500,000 in term bonds with a stated interest rate of 4%. The effective interest rate is also 4%. The bonds have

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3. Simmons Corporation issues $500,000 in term bonds with a stated interest rate of 4%. The effective interest rate is also 4%. The bonds have a term of 4 years. Which of the following is the correct issuance price for the bonds? a. $490,000 b. $489,389 c. $512,987 d. $500,000 e. $498,330

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