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OShea Inc. issued bonds at a face value of $100,000, a rate of 6%, and a 5-year term for $98,000. From this information, we know

OShea Inc. issued bonds at a face value of $100,000, a rate of 6%, and a 5-year term for $98,000. From this information, we know that the market rate of interest was ________.

  1. more than 6%
  2. less than 6%
  3. equal to 6%
  4. cannot be determined from the information given.

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