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Haddock Corp. purchased five $1,0003% bonds of Energy Corporation when the market rate...

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Question

Accounting

Haddock Corp. purchased five $1,0003% bonds of Energy Corporation when the
market rate of interest was 12%. Interest is paid semiannually, and the bonds will
mature in nine years.
Using the PV function in Excel ?, compute the price Haddock paid (the present value)
for the bond investment. (Assume that all payments of interest and principal occur at
the end of the period. Round your answer to the nearest cent.)
Haddock paid
on the bond investment.
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