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Carlton, Inc. issued $5,000,000 of 10% corporate bonds on March 1, 2014. The bonds are due March 1, 2029 with interest payable each March 1

Carlton, Inc. issued $5,000,000 of 10% corporate bonds on March 1, 2014. The bonds are due March 1, 2029 with interest payable each March 1 and September 1. At the time of issuance, the market interest rate for similar financial instruments is 12%. What is the market value of the bonds?

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