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Garion Corp, issues $1 million of bonds with a 4% stated interest rate that mature in 6 years. Interest is paid semiannually. The market rate

Garion Corp, issues $1 million of bonds with a 4% stated interest rate that mature in 6 years. Interest is paid semiannually. The market rate of return for these bonds is 8%. How much will grain receive for the bonds at issuance?

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