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

On July 31,2024, Crane Inc. issued $455,000 of 5-year, 4% bonds at 101. Interest is payable semi-annually on July 31 and January 31. Crane's fiscal year end is January 31.
(a)
Is the market rate of interest higher or lower than 4%?
The market rate of interest is
On July 31,2024, Crane Inc. issued $455,000 of 5-year, 4% bonds

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