On January 1,2024 , Bishop Company issued 6% bonds dated January 1,2024 , with a...
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On January 1,2024 , Bishop Company issued 6% bonds dated January 1,2024 , with a face amount of $23 million. The bonds mature in 2034 (10 years). For bonds of similar risk and maturity, the market yield is 8%. Interest is paid semiannually on June 30 and December 31. Required: Determine the price of the bonds on January 1, 2024. Note: Use tables, Excel, or a financial calculator. Enter your answer in whole dollars. (FV of \$1, PV of \$1, FVA of \$1, PVA of $1. FVAD of $1 and PVAD of \$1)
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