Price Company plans to issue $600,000, 10-year bonds that pay 8 percent payable semiannually on June 30

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Price Company plans to issue $600,000, 10-year bonds that pay 8 percent payable semiannually on June 30 and December 31. All of the bonds will be sold on January 1, 2009. Determine the issuance price of the bonds assuming a market yield of 8 percent.


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