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Ellis issues 8.0%, five-year bonds dated January 1, 2016, with a $430,000 par value. The bonds pay interest on June 30 and December 31 and

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Ellis issues 8.0%, five-year bonds dated January 1, 2016, with a $430,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of S466,680. The annual market rate is 6% on the issue date

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