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Ocean Adventures issues bonds due in 10 years with a stated interest rate of 6% and a face value of $360,000. Interest payments are made

Ocean Adventures issues bonds due in 10 years with a stated interest rate of 6% and a face value of $360,000. Interest payments are made semi-annually. The market rate for this type of bond is 5%. What is the issue price of the bonds?

Note: Use Excel or a financial calculator.

Multiple Choice

$360,000

$392,269

$334,418

$388,060

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