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A company issued 6%, 20-year bonds with a face amount of $76 million. The market yield for bonds of similar risk and maturity is 7%.
A company issued 6%, 20-year bonds with a face amount of $76 million. The market yield for bonds of similar risk and maturity is 7%. 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 PVAD of $1 (Use appropriate factor(s) from the tables provided. Enter your answers in whole dollars.) Table values are based on: 40 3.5% Cash Flow Present Value Amount $2,280,000 $ 76,000,000 Interest Principal Price of bonds
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