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Young Co. issues $400,000 of 6% bonds dated January 1, 2021. Interest is payable semiannually on June 30 and December 31. The bonds mature in

Young Co. issues $400,000 of 6% bonds dated January 1, 2021. Interest is payable semiannually on June 30 and December 31. The bonds mature in 10 years. The current market rate for similar bonds is 7%.

What is the issue price of the bonds?

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