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Cox Corporation invested in the bonds of Latif Industries on January 1, 2022. These 50...

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Accounting

Cox Corporation invested in the bonds of Latif Industries on January 1, 2022. These 50 year, $500,000 bonds pay interest of 4% every June 30 and December 31. The effective rate of interest for similar bonds on January 1 was 2%. What is the purchase price of these bonds?

A. $510,000

B. $500,000

C. $480,000

D. $815,144

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