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Caleb Company is considering buying $1,500,000 of 5% bonds from Free Company on January 1, 2020. The bonds mature in 10 years and pay interest

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Caleb Company is considering buying $1,500,000 of 5% bonds from Free Company on January 1, 2020. The bonds mature in 10 years and pay interest semi-annually each July 1 and January 1. The market rate at the time is 4%. How much should Caleb Company pay for the bonds

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