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Hillside Excursions issues bonds due in 15 years with a stated interest rate of 9% and a face value of $150,000. Interest payments are made

Hillside Excursions issues bonds due in 15 years with a stated interest rate of 9% and a face value of $150,000. Interest payments are made semi-annually. The market rate for this type of bond is 6%. Using a financial calculator or Excel, calculate the issue price of the bonds.

Multiple Choice

$194,101.

$147,421.

$150,000.

$168,386

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