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Exercise 1: On January 1, 2017 Lance Co. issued eight-year bonds with a face value of $400,000 and a stated interest rate of 12% payable

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Exercise 1: On January 1, 2017 Lance Co. issued eight-year bonds with a face value of $400,000 and a stated interest rate of 12% payable annually on January 1 . The bonds were sold to yield 10%. Required: Calculate the issue price of the bonds. Show and Label all calculations Write the final answer on the line provided

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