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On January 1, 2022, Jones Technology, Incorporated issued $750,000 of $1,000 par value, 5%, 6 -year bonds. Interest is payable semiannually each January 1 and

image text in transcribed On January 1, 2022, Jones Technology, Incorporated issued $750,000 of $1,000 par value, 5\%, 6 -year bonds. Interest is payable semiannually each January 1 and July 1 with the first interest payment due at the end of the period on July 1, 2022. The market rate of interest for similar nonconvertible bonds on the date of the bond issue was 8%. However, because these bonds are convertible, the effective rate is 6%. Each bond is convertible into 60 shares of Jones Technology's $2 par value common stock. Future Value of an Ordinary Annuity table Future Value of an Annuity Due table Present Value of $1 table Present Value of an Ordinary Annuity table Present Value of an Annuity Due table Read the requirements. Requirement a. Determine the issue price of the debt. (Use the present value and future value tables, the formula method, a financial calculator, or a spreadsheet for your calculations. If using present and future value tables or the formula method, use factor amounts rounded to five decimal places, X.XXXXX. Round your final answers to the nearest whole dollar.) The issue price of the debt =

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