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Flounder Company sells 8% bonds having a maturity value of $2,620,000 for $2,421,360. The bonds are dated January 1, 2020, and mature January 1, 2025.
Flounder Company sells 8% bonds having a maturity value of $2,620,000 for $2,421,360. The bonds are dated January 1, 2020, and mature January 1, 2025. Interest is payable annually on January 1. (a) Determine the effective-interest rate. (Round answer to O decimal places, e.g. 18%.) The effective-interest rate eTextbook and Media % Step by Step Solution
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Managerial Accounting
Authors: Karen W. Braun, Wendy M. Tietz, Rhonda Pyper
2nd canadian edition
133025071, 978-0133519761, 133519767, 978-0133523676, 133523675, 978-0133025071
