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Garey Ltd has just issued debentures with a face value of $100,000. The current market yields are 8% per annum. The debenture pays 10% per

Garey Ltd has just issued debentures with a face value of $100,000. The current market yields are 8% per annum. The debenture pays 10% per annum half-yearly coupons and on issue has 10 years to maturity.

Calculate the price of the debenture on issue?

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