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A corporation decides to issue 15-year bonds in the amount of $10,000,000. Interest payments will be made at the rate of 10% compounded semi-annually. The
A corporation decides to issue 15-year bonds in the amount of $10,000,000. Interest payments will be made at the rate of 10% compounded semi-annually. The bonds were priced to yield 8% compounded semi-annually to maturity. What is the price of the bonds?
a. $8,462,755 b. $10,000,000 c. $3,083.187 d. $11,729,203
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