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Please help with the with question below and explain how to get the correct answer. On December 31,2024 , a company issued 6% stated rate
Please help with the with question below and explain how to get the correct answer.
On December 31,2024 , a company issued 6% stated rate bonds with a face amount of $104 million. The bonds mature on Decembe 31, 2054. Interest is payable annually on each December 31 , beginning in 2025. Determine the price of the bonds on December 31, 2024, assuming that the market rate of interest for similar bonds was 7%. Note: Use tables, Excel, or a financial calculator. Enter your answers in whole dollars and not in millions. (FV of $1, PV of $1, FVA $1, PVA of $1, FVAD of $1 and PVAD of $1 )Step by Step Solution
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