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Issued a bond on December 31 with a face value of $56,000 at a stated annual interest rate of 5% and a market annual interest

Issued a bond on December 31 with a face value of $56,000 at a stated annual interest rate of 5% and a market annual interest rate of 7%. The bonds mature in 10 years and interest is paid annually at the end of the period. Round all balances to the nearest whole dollar.

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