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The principal amount of a bond is $65,000, its stated rate is 7%, and the term of the bond is 5 years. The bond pays

The principal amount of a bond is $65,000, its stated rate is 7%, and the term of the bond is 5 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. A $18,453 B $65,000 c $62,393 D $44,265

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