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Pearson Co issue its $141,100 at a price of 105, the stated rate is 8%, the bond term is 4 years, and the market rate

Pearson Co issue its $141,100 at a price of 105, the stated rate is 8%, the bond term is 4 years, and the market rate is 6%. Assume the term of the bonds is 4 years.

Using the effective interest method, the interest expense in the 1^st year will be $_____

Selected Answer:	11,288
Correct Answer:	8,889 1

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