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Sourpatch Gardens sells $13000000 of 10%, 15-year bonds for 97 on May 1, 2020. The market interest on that day is 10.5%. Interest is paid

Sourpatch Gardens sells $13000000 of 10%, 15-year bonds for 97 on May 1, 2020. The market interest on that day is 10.5%. Interest is paid each year on May 1. Required: What is the carrying value of the bonds on the date of issuance?

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