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$12$A$.$ On December $31,2025,$ when the market interest rate is $10\%,$ Horace Corporation issues $$150,000$ of $8\%,8-$year bonds payable. The bonds pay interest semiannually. Determine the resent value of the bonds at issuance.

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Start by calculating the present value of the principal. $($Enter factor amounts to three decimal places,

X$.$XXX$.)$

Value

Factor

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$x$

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