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Assume that market interest rates were slightly lower than 12.5% when the bonds were sold. Would the proceeds from the bond issue have been more

Assume that market interest rates were slightly lower than 12.5% when the bonds were sold. Would the proceeds from the bond issue have been more than, less than, or equal to the face amount?

The bonds will sell for more than their face amount.

The bonds will sell for less than their face amount.

The bonds will sell for equal to their face amount.

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