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Calculate the interest expense for Company Johnson & Johnson, which has outstanding bonds with a face value of $1 billion and a coupon rate of

Calculate the interest expense for Company Johnson & Johnson, which has outstanding bonds with a face value of $1 billion and a coupon rate of 4%. The bonds pay interest semi-annually, and the market interest rate is 3%. Explain the calculation of interest expense for bonds and discuss the impact of market interest rates on bond valuation and interest costs.

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