Question: Kelly Industries issued 9 % bonds, dated January 1 , with a face value of $ 1 0 0 , 0 0 0 on January

Kelly Industries issued 9% bonds, dated January 1, with a face value of $100,000 on January 1,2024. The bonds mature in 2033(10 years). Interest is paid semiannually on June 30 and December 31. For bonds of similar risk and maturity the market yield is 10%. What was the issue price of the bonds?

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