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A Corporation issues a bond that has a stated interest rate of 10%, face amount...

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Accounting

A Corporation issues a bond that has a stated interest rate of 10%, face amount of $50,000, and is due in 5 years. A Corporation uses the accrual basis of accounting. Interest payments are made quarterly. The market rate for this type of bond is 12%. What is the issue price of the bond? (Round up to the next highest penny if necessary. For example: $.015 through $.019 should be rounded up to $.02.)

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