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8. Pearl Ltd issues $8 million in 5-year debentures that pay interest every 6 months at a coupon rate of 12% per annum. The required

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8. Pearl Ltd issues $8 million in 5-year debentures that pay interest every 6 months at a coupon rate of 12% per annum. The required market rate of return is 16% per annum. What is the issue price of the debentures (rounded to the nearest dollar)? A. $6 926 387 B. $8 000 000 C. $9 177 614 D. $8 673 978

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