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Travis issues a bond that has a stated interest rate of 8 % , face amount of $ 1 2 0 , 0 0 0

Travis issues a bond that has a stated interest rate of 8%, face amount of $120,000, and is due in 6 years. Interest payments are made semi-annually. The market rate for this type of bond is 9%. What is the issue price of the bond?
$118,493
$120,000
$114,528
$115,617
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