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What was the issue price of the bonds

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Question 1: On January 1, Broker Corp. issued $2,600,000 par value 8%, 8-year bonds which pay interest each December 31. If the market rate of interest was 10%, what was the issue price of the bonds?

Choose the closest answer as rounding will cause slightly different answers.

Option a.) $2,600,000

Option b.) $2,898,825

Option c.) $2,514,364

Option d.) $2,322,559

Reference no: EM132544792

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