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South Seas Resort issues $53 million of bonds on January 1, 2024 that pay interest semiannually on June 30 and December 31 . A portion
South Seas Resort issues $53 million of bonds on January 1, 2024 that pay interest semiannually on June 30 and December 31 . A portion of the bond amortization schedule appears below: Required: 1. Were the bonds issued at face amount, a discount, or a premium? 2. What is the original issue price of the bonds? 3. What is the face amount of the bonds? 4. What is the stated annual interest rate? (Hint: Be sure to provide the annual rate rather than the six-month rate.) 5. What is the market annual interest rate? (Hint: Be sure to provide the annual rate rather than the six-month rate.) 6. What is the total cash paid for interest assuming the bonds mature in 20 years
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