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On 1/1/X1, Wolfpack Inc. issues 6-year bonds with a face value of $50,000 and a face (stated) rate of 4%. The market interest rate for

On 1/1/X1, Wolfpack Inc. issues 6-year bonds with a face value of $50,000 and a face (stated) rate of 4%. The market interest rate for bonds of similar risk and maturity is 5%. Interest is paid annually on December 31. The bonds mature on 12/31/X6.

What is the issue price of the bonds on 1/1/X1?

Do not copy from chegg.

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