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On January 1 , Fozzi, Inc. issues $ 1 0 0 , 0 0 0 par value, 1 0 % bonds maturing in 1 0

On January

1,

Fozzi, Inc. issues $

100, 000

par value,

10 %

bonds maturing in

10

years to yield

12 %

per year, compounded annually.

What will be the approximate issue proceeds

(

selling price

)

of the bonds?

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