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Cullumber College is about to issue $0.98 million of 10-year bonds that pay a 6% annual interest rate, with interest payable semi-annually. Calculate the issue
Cullumber College is about to issue $0.98 million of 10-year bonds that pay a 6% annual interest rate, with interest payable semi-annually. Calculate the issue price of these bonds if the market interest rate is (a) 5%, (b) 6%, and (c) 7%.
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