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Consumer Staples Inc. issues $8 million worth of three-year bonds that pay an annual coupon of 8% (stated rate). However, the yield to maturity (market

Consumer Staples Inc. issues $8 million worth of three-year bonds that pay an annual coupon of 8% (stated rate). However, the yield to maturity (market rate) is 6%. What is the value of the initial liability recorded on its balance sheet?

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