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On January 1, 2024, Wildhorse Ltd. issued bonds with a maturity value of $8.60 million when the market rate of interest was 4%. The bonds
On January 1, 2024, Wildhorse Ltd. issued bonds with a maturity value of $8.60 million when the market rate of interest was 4%. The bonds have a coupon (contractual) interest rate of 5% and mature on January 1,2034 . Interest on the bonds is payable semi-annually on July 1 and January 1 of each year. The company's year end is December 31 . Click here to view the factor table. Present Value of 1 Click here to view the factor table. Present Value of an Annuity of 1 (a) S. Your answer is incorrect. Calculate the issue price of the bonds. (For calculation purposes, use 5 decimal places as displayed in the factor table provided. Round final answer to 0 decimal places, eg. 5, 275.) Issue price
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