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What was the issue price on january of this year

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Question - PowerTap Utilities is planning to issue bonds with a face value of $3,000,000 and a coupon rate of 10 percent. The bonds mature in 10 years and pay interest semi-annually every June 30 and December 31. All of the bonds were sold on January1 of this year. PowerTap uses the effective-interest amortization method. Assume an annual market rate of interest of 12 percent. What was the issue price on January 1 of this year?

Reference no: EM133156511

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