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Quimby Corp, purchased five $1,000 8% bonds of Power Source Corporation when the market rate...

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Accounting

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Quimby Corp, purchased five $1,000 8% bonds of Power Source Corporation when the market rate of interest was 14%. Interest is paid semiannually, and the bonds will mature in eight years Using the PV function in Exce.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 cont.) Quimby paid on the bond investment

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