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The face value of a bond is $77,000, its staled rate is 7%, and the term of the bond is five years. The bond pays

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The face value of a bond is $77,000, its staled rate is 7%, and the term of the bond is five years. The bond pays interest semiannually. At the time of issue, the market rate is 8%. Determine the present value of the bonds at issuance. Present value of ordinarv annuitv of \$1: A. $55,141 B. $73,911 C. $77,000 D. $21,859

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