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On January 1, Ruby Inc. issued 1,000 of $1,000 par value bonds with a stated rate of 8% and a 8-year maturity. Interest is payable
On January 1, Ruby Inc. issued 1,000 of $1,000 par value bonds with a stated rate of 8% and a 8-year maturity. Interest is payable semiannually on June 30 and December 31. Use Future Value of a Single Amount, Present Value of a Single Amount, Future Value of an Annuity and Present Value of an Annuity. Required: What is the issue price if the bonds are sold to yield 10%? Round factors to five decimal places and final answer to the nearest dollar
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Managerial Accounting
Authors: Ray Garrison, Eric Noreen, Peter Brewer
16th edition
978-1259307416
