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Assume that Northern Petroleum Inc. issued the following bond on January 1: Face amount: $100,000 Contract interest rate: 12% Effective interest rate: 12% Interest is

Assume that Northern Petroleum Inc. issued the following bond on January 1: Face amount: $100,000 Contract interest rate: 12% Effective interest rate: 12% Interest is paid semiannually on January 1 and July 1 Term of bond: 5 years Based on this information, what is the present value of the periodic interest to be paid on the bonds? 

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