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On September 30, 2016, the San Fillipo Corporation issued 8% stated rate bonds with a face amount of $320 million. The bonds mature on September
On September 30, 2016, the San Fillipo Corporation issued 8% stated rate bonds with a face amount of $320 million. The bonds mature on September 30, 2036 (20 years). The market rate of interest for similar bonds was 10%. Interest is paid semiannually on March 31 and September 30. (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.) |
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Determine the price of the bonds on September 30, 2016. | ||||||||||||||||||||
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