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Face value 2 0 , 0 0 0 , 0 0 0 Issuance price 1 8 , 0 0 0 , 0 0 0 Stated

Face value

20, 000, 000

Issuance price

18, 000, 000

Stated rate

12 %

Interest payments per year

1

Term

(

years

) 10

. How much should be discount amortization on the first year, if the bonds were issued

3

months before the end of

the year?

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