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Franklin Corporation issued a $100,000 bond that matures in five years. The bond has a stated interest rate of 5 percent. On January 1, 2020,

Franklin Corporation issued a $100,000 bond that matures in five years. The bond has a stated interest rate of 5 percent. On January 1, 2020, when the bond was issued, the market rate was 8 percent. The bond pays interest twice per year, on June 30 and December 31.

At what price was the bond issued?

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