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Multiple Choice $93,496 $73,159 $98,351 $52,032 Kelly Industries issued 8% bonds, dated January 1 , with a face value of $100,000 on January 1 ,
Multiple Choice
$93,496
$73,159
$98,351
$52,032
Kelly Industries issued 8% bonds, dated January 1 , with a face value of $100,000 on January 1 , 2024 . The bonds mature in 2033 (10 years). Interest is paid semiannually on June 30 and December 31 . For bonds of similar risk and maturity the market yield is 9%. What was the issue price of the bonds? Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1,FVAD of $1 and PVAD of $1 )Step by Step Solution
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