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Bringham Company issues bonds with a par value of $510,000 on their stated issue date. The bonds mature in 9 years and pay 7% annual
Bringham Company issues bonds with a par value of $510,000 on their stated issue date. The bonds mature in 9 years and pay 7% annual interest in semiannual payments. On the issue date, the annual market rate for the bonds is 10%. (Table B.1, Table B.2, Table B.3, and Table B.4) (Use appropriate factor(s) from the tables provided.)
Compute the price of the bonds as of their issue date. (Round all table values to 4 decimal places, and use the rounded table values in calculations. Round intermediate calculations to the nearest dollar amount.)
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