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Ivanhoe Corp. issued $ 4 0 0 , 0 0 0 of 3 - year, 4 % bonds on May 1 , 2 0 2

Ivanhoe Corp. issued $

400, 000

3 -

year,

4 %

bonds on May

1, 2024 .

The market interest rate when the bonds were issued was

8 % .

Interest is payable quarterly.

(

)

Determine the price of the bond

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