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Utopia Palace Inc on 5/1/23 issues $540,000 of 4% bonds due in 4 years with interest payable annually at year-end. The current market rate of

Utopia Palace Inc on 5/1/23 issues $540,000 of 4% bonds due in 4 years with interest payable annually at year-end. The current market rate of interest for bonds of similar risk is 8.588%. The bond sold at 85. (9 points total) 1. What is the issue price? 2. What does that mean

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