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On January 1, 2017 Paige Corporation issued $4,000,000.10 year, 12% bonds. The bonds pay interest semi-annually. At the time of issuance the market rate of

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On January 1, 2017 Paige Corporation issued $4,000,000.10 year, 12% bonds. The bonds pay interest semi-annually. At the time of issuance the market rate of interest is 8%. Calculate the issue price of the bond. (Round to the nearest dollar). Answer: $

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