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On January 1, 2011, Arlo Corp. issued $3,000,000 face value, 12% coupon rate, 10-year bonds which pay interest semi-annually. If the market rate of interest

On January 1, 2011, Arlo Corp. issued $3,000,000 face value, 12% coupon rate, 10-year bonds which pay interest semi-annually. If the market rate of interest was 14% (compounded semi-annually), the issue price of the bonds should be?

a. $3,344,098. b. $2,687,033. c. $3,000,000. d. $2,682,180.

I got the answer as A ,why the true answer is D?

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