On January 1, 2020 Lance Co. issued five-year bonds with a face value of $700,000 and a
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Question:
On January 1, 2020 Lance Co. issued five-year bonds with a face value of $700,000 and a stated interest rate of 12% payable semi-annually on July 1 and January 1. The bonds were sold to yield 10%.
Calculate the issue price of the bonds. You may use PV tables, a financial calculator or excel but indicate your input for the financial calculator and excel if using either of those.
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