Question: Pharoah Products Ltd . issued $ 3 . 1 4 million of 5 % , 5 - year bonds on January 1 , 2 0

Pharoah Products Ltd

.

issued $

3.14

million of

5 %, 5 -

year bonds on January

1, 2024 .

The bonds were dated January

1

and pay interest annually. There is no collateral secured against the bonds and Pharoah Prodcuts may buy back the bonds at any time. The market interest rate was

6 %

for these bonds. Pharoah has a calendar year end.

.)

calculate the price of the bonds.

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