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Ocean Adventures issues bonds due in 10 years with a stated interest rate of 7% and a face value of $300,000. Interest payments are made

Ocean Adventures issues bonds due in 10 years with a stated interest rate of 7% and a face value of $300,000. Interest payments are made semi-annually. The market rate for this type of bond is 8%. Using a financial calculator or Excel, calculate the issue price of the bonds.

Multiple Choice

$321,294.

$209,412.

$300,000.

$279,615.

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