Question: On July 3 1 , 2 0 2 4 , Cullumber Inc. issued $ 5 2 0 , 0 0 0 of 5 - year,

On July 31,2024, Cullumber Inc. issued $520,000 of 5-year, 4% bonds at 102. Interest is payable semi-annually on July 31 and January 31. Cullumbers scal year end is January 31. Is the market rate of interest higher or lower than 4%? The market rate of interest is .

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