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Question: A company issued 1 2 % , 2 0 - year bonds with a face amount of $ 1 0 0 million. The market

Question: A company issued

12 %, 20 -

year bonds with a face amount of $

100

million. The market yield for bonds of similar risk and maturity is

6 % .

Interest is paid semiannually. At what price did the bonds sell?

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