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5. On January 1, 2022, Eleanor Co. issued ten-year bonds with a face value of $5,000,000 and a stated interest rate of 6%, payable semiannually

5. On January 1, 2022, Eleanor Co. issued ten-year bonds with a face value of $5,000,000 and a stated interest rate of 6%, payable semiannually on June 30 and December 31. Required: a. Calculate the issue price of the bonds if the market interest rate is 4%. b. Calculate the issue price of the bonds if the market interest rate is 8%

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