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On Jan. 1 Slater Company issued 8% stated rate bonds with a face amount of $500,000. The term of the bonds is 20 years and

On Jan. 1 Slater Company issued 8% stated rate bonds with a face amount of $500,000. The term of the bonds is 20 years and semiannual interest payments are due on 6/30 and 12/31. The market rate of interest for similar bond issues was 10%. Calculate the issue price for the bonds.

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