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A bond issue with a face amount of $ 6 0 0 , 0 0 0 bears interest at the rate of 8 % .

A bond issue with a face amount of $

600, 000

bears interest at the rate of

8 % .

The current market rate of interest is

10 % .

These bonds will sell at a price that is:

Multiple Choice

The answer cannot be determined from the information provided.

Less than $

600, 000 .

Equal to $

600, 000 .

More than $

600, 000 .

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