Question: On January 2 , 2 0 2 4 , The Chestnut Hill Corporation issued $ 5 , 0 0 0 , 0 0 0 ,

On January 2,2024, The Chestnut Hill Corporation issued $5,000,000,5 year bonds with a 6% coupon rate. The bonds pay interest on June 30 and December 31 of each year. The issue price was $4,853,800.The market rate of interest at the time of issuance was:
Question 12 options:
unable to determine from the information provided.
lower than 6%
higher than 6%
equal to 6%

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