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Smashing Melons Inc. issued 5-year bonds with a par value of $28,000 and an 8% semi-annual coupon (payable June 30 and December 31) on January

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Smashing Melons Inc. issued 5-year bonds with a par value of $28,000 and an 8% semi-annual coupon (payable June 30 and December 31) on January 1, 2018, when the market rate of interest was 10%. Assuming the bonds sold at 94.99 what was the sales price of the bonds (rounded to two decimal places)? Your

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