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Parker Company issues a $400,000 bond. 7% bond on July 1. The market rate at the time of issuance was 9%. This issue price of

Parker Company issues a $400,000 bond. 7% bond on July 1. The market rate at the time of issuance was 9%. This issue price of this bond would be:

Group of answer choices

More than $400,000.

Less than $400,000.

Equal to $400,000.

The answer cannot be determined from the information provided.

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