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Question
Marwick Corporation issues 8%, 5 year bonds with a par value of $1,000,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 6%. What is the bond's issue (selling) price, assuming the Present Value of $1 factor for 3% and 10 semi-annual periods is .7441 and the Present Value of an Annuity factor for the same rate and period is 8.5302?A. $1,000,000
B. $789,244
C. $1,341,208
D.$ 1,085,308
E.$658,792
Answer
This answer is hidden. It contains 128 characters.
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