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garcia company issues 6.00%, 15-year bonds with a par value of $370,000 and semiannual interest payments. On the issue date, the annual market rate for

garcia company issues 6.00%, 15-year bonds with a par value of $370,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 4.00% which implies a selling price of 122 1/3.

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