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GMAT corporation is planning to issue bonds with a face value of $255, 500 and a coupon rate of 4 percent. The bonds mature in

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GMAT corporation is planning to issue bonds with a face value of $255, 500 and a coupon rate of 4 percent. The bonds mature in 10 years and pay interest semiannually every June 30 and December 31. At the of the bonds were sold on January 1 of this year. Determine the issuance price of the bonds assuming an annual market rate of interest of 6.0 percent

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