Question: On January 1 , 2 0 2 4 , White Water issues $ 4 7 0 , 0 0 0 of 7 % bonds, due

On January 1,2024, White Water issues $470,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year.
Assuming the market interest rate on the issue date is 8%, the bonds will issue at $438,064.

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