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Celine Dion Company issued $768,000of10%,20-year bonds on January 1, 2014, at102. Interest is payable semiannually on July 1 and January 1. Celine Dion Company uses

Celine Dion Company issued $768,000of10%,20-year bonds on January 1, 2014, at102. Interest is payable semiannually on July 1 and January 1. Celine Dion Company uses the effective-interest method of amortization for bond premium or discount. Assume an effective yield of9.7705%

is the Market Rate 9.7%?

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