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How much money did sammy receive from selling bonds

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Reference no: EM132017670

Question - Sammy's Incorporated issued 12 year bonds on January 1, 2015. The bonds had a face value of $1000, and paid a coupon of 7 percent. On the date the bonds were issued, the market rate was 5 percent.

How much money did Sammy receive from selling the bonds (in other words, what was the price of the bonds)? (Show your work).

Reference no: EM132017670

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