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  3. quimby corp. purchased fifteen $1,000 6% bonds of

Quimby Corp. purchased fifteen $1,000 6% bonds of Power Source Corporation when the market rate...

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Accounting

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Quimby Corp. purchased fifteen $1,000 6% bonds of Power Source Corporation when the market rate of interest was 12%. Interest is paid semiannually, and the bonds will mature in five years. Using the PV function in Excel, compute the price Quimby 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.) Quimby paid on the bond investment

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