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The Pennington Corporation issued a new series of bonds on January 1, 1993. The bonds were sold at par ($1,000), had a 12% coupon, and

The Pennington Corporation issued a new series of bonds on January 1, 1993. The bonds were sold at par ($1,000), had a 12% coupon, and will mature in 30 years on December 31, 2022. Coupon payments are made semiannually (on June 30 and December 31).

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