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Hillside Excursions issues bonds due in 12 years with a stated interest rate of 10% and a face value of $100,000. Interest payments are made

Hillside Excursions issues bonds due in 12 years with a stated interest rate of 10% and a face value of $100,000. Interest payments are made semi-annually. The market rate for this type of bond is 8%. Using a financial calculator or Excel, calculate the issue price of the bonds.

Multiple Choice:

$87,531

$99,979

$115,247

$100,000

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