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Jones Company issued $50,000, 5 year, 8% bonds at 98 plus accrued interest. The interest is paid semiannually on March 1 and September 1. The

Jones Company issued $50,000, 5 year, 8% bonds at 98 plus accrued interest. The interest is paid semiannually on March 1 and September 1. The bonds are dated March 1, Year 1. The date of sale is May 1, Year 1.

Calculate the issue price of the bonds.

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