FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:A company issued 9%, 10-year bonds with a face amount of $100 million. The market yield for bonds of similar risk and maturity is 8%.
Interest is paid semiannually. At what price did the bonds sell?
Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar. Use tables, Excel, or a financial
calculator.(FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)
Price of bonds
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