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Current Attempt in Progress Cullumber Suit Ltd. designs and manufactures anti-gravity suits used by...

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Accounting

Current Attempt in Progress
Cullumber Suit Ltd. designs and manufactures anti-gravity suits used by air force pilots and astronauts for space travel. To finance the
expansion of its manufacturing operations, the company, in consultation with an investment bank, decided to issue bonds. On August
1, it issued 10-year, semi-annual bonds with a face value of $140,000,000. The contract rate on the bonds was 10% and the proceeds
on the issuance of the bonds were $131,628,000 to yield 11.0%. Interest payments are to be made each January 31 and July 31.
(a1)
Determine the price of the bonds on issuance. (Round answer to 4 decimal places, e.g.15.2516.)
Price of the bonds on issuance
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