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A bond issue with a face amount of $300,000 bears interest at the rate of 9%. The current market rate of interest is 11%. These

A bond issue with a face amount of $300,000 bears interest at the rate of 9%. The current market rate of interest is 11%. These bonds will sell at a price that is:

1.) Equal to $300,000

2.) The answer cannot be determined from the information provided.

3.) More than $300,000

4.) Less than $300,000

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