Question
On december 31, 2018 relax company issued 8% stated rate bonds with a face amount of $100 million. The bonds mature on December 31, 2048.
On december 31, 2018 relax company issued 8% stated rate bonds with a face amount of $100 million. The bonds mature on December 31, 2048. Interest is payable annually on each December 31 beginning in 2019.Determine the price of the bonds on December 31, 2018, assuming that the market rate of interest for similar bonds was 6%.
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Financial Accounting Tools For Business Decision Making
Authors: Donald E. Kieso, Paul D. Kimmel, Jerry J. Weygandt
8th Edition
1119316022, 978-1119316022
