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On January 1,2021 , Z Corp. issued 10% bonds dated January 1,2021 , with a face amount of $5 million. The bonds mature in 2025

image text in transcribed On January 1,2021 , Z Corp. issued 10% bonds dated January 1,2021 , with a face amount of $5 million. The bonds mature in 2025 (5 years). For bonds of similar risk and maturity, the market yield is 7%. Interest is paid semiannually on June 30 and December 31. Required: Determine the price of the bonds on January 1, 2021

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