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On June 30, 2013, Singleton Computers issued 6% stated rate bonds with a face amount of $200 million. The bonds mature on June 30, 2028
On June 30, 2013, Singleton Computers issued 6% stated rate bonds with a face amount of $200 million. The bonds mature on June 30, 2028 (15 years). The market rate of interest for similar bond issues was 5% (2.5% semiannual rate). Interest is paid semiannually (3%) on June 30 and December 31, beginning on December 31, 2013. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) |
| Required: | |
| 1. | Determine the price of the bonds on June 30, 2013. (Enter your answers in whole dollars.) |
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