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Stated interest rate of 10 payable semiannually on june 30

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Reference no: EM13575078

On January 1, 2011 Piper Co. issued ten-year bonds with a face value of $1,000,000 and a stated interest rate of 10%, payable semiannually on June 30 and December 31. The bonds were sold to yield 12%. Calculate the issue price of the bonds.

Reference no: EM13575078

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