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On September 1, 2019, $5 million face amount of 8%, 12-year bonds were issued. The bonds pay interest on an annual basis on September 1st

On September 1, 2019, $5 million face amount of 8%, 12-year bonds were issued. The bonds pay interest on an annual basis on September 1st each year. The market interest rates were 7% when the bonds were sold.

Were the bonds issued at par, premium or discount?

Group of answer choices

A Premium

B Not enough information

C Par

D Discount

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