On March 1, 2023, Quinto Mining Inc. issued a $610,000, 7%, three-year bond. Interest is payable semiannually beginning September 1, 2023. Required: Part 1 a. Calculate the bond issue price assuming a market interest rate of 6% on the date of issue. (Do not round intermediate calculations. Round the final answer to nearest whole dollar.) Total issue price

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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On March 1, 2023, Quinto Mining Inc. issued a $610,000, 7%, three-year bond. Interest is payable semiannually beginning September 1,
2023.
Required:
Part 1
a. Calculate the bond issue price assuming a market interest rate of 6% on the date of issue. (Do not round intermediate calculations.
Round the final answer to nearest whole dollar.)
Total issue price
Transcribed Image Text:On March 1, 2023, Quinto Mining Inc. issued a $610,000, 7%, three-year bond. Interest is payable semiannually beginning September 1, 2023. Required: Part 1 a. Calculate the bond issue price assuming a market interest rate of 6% on the date of issue. (Do not round intermediate calculations. Round the final answer to nearest whole dollar.) Total issue price
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