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Garcia Company issues 11.0%, 15-year bonds with a par value of $350,000 and semiannual interest payments. On the issue date, the annual market rate for

Garcia Company issues 11.0%, 15-year bonds with a par value of $350,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 9.0%, which implies a selling price of 118 1/4

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