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Magnolia Corporation Issued a $5,000,000 bond on January 1, 2020. The bond has a six year term and pays interest of 9% annually each December

Magnolia Corporation Issued a $5,000,000 bond on January 1, 2020. The bond has a

six year term and pays interest of 9% annually each December 31st. The market rate of

interest is 7%.

Required: Calculate the bond issue price using the present value tables. Show all your work.

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