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A company issued 5%, 10-year bonds with a face amount of $62 million. The market yield for bonds of similar risk and maturity is 5%.
A company issued 5%, 10-year bonds with a face amount of $62 million. The market yield for bonds of similar risk and maturity is 5%. Interest is paid semiannually. At what price did the bonds sell? (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided. Enter your answers in whole dollars. Round final answers to the nearest whole dollar.) Table values are based on: n = 20 i = 2.5% Cash Flow Amount Present Value Interest Principal Price of bonds
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