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On January 1, 2020, Crane Company issued eight-year bonds with a face value of $5900000 and a stated interest rate of 4%, payable semiannually on
On January 1, 2020, Crane Company issued eight-year bonds with a face value of $5900000 and a stated interest rate of 4%, payable semiannually on June 30 and December 31. The bonds were sold to yield 6%. Table values are: Present value of 1 for 8 periods at 4% 0.731 Present value of 1 for 8 periods at 6% 0.627 Present value of 1 for 16 periods at 2% 0.728 Present value of 1 for 16 periods at 3% 0.623 Present value of annuity for 8 periods at 4% Present value of annuity for 8 periods at 6% Present value of annuity for 16 periods at 2% Present value of annuity for 16 periods at 3% 6.733 6.210 13.578 12.561 The present value of the principal is
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