Question: S&R issued 9 % stated rate bonds with a face amount of $ 1 2 0 million. The bonds mature on December 3 1 ,

S&R issued 9% stated rate bonds with a face amount of $120 million. The bonds mature on December 31,2044(20 years). The market rate of interest for similar bond issues was 10%(5.0% semiannual rate). Interest is paid semiannually (4.5%) on June 30 and December 31, beginning on June 30,2025.

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