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On January 1 , a company issues bonds dated January 1 with a par value of $260,000. The bonds mature in 3 years. The contract

On January 1 , a company issues bonds dated January 1 with a par value of $260,000. The bonds mature in 3 years. The contract rate is 9%, and interest is paid semiannually on June 30 and December 31 . The market rate is 10%. Using the present value factors below, the issue (selling) price of the bonds is: Multiple Choice $266,602 $59,386

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