A bond has a face value of $10,000 and matures on August 24 2030 with a bond rate of 3.1% compounded semi-annually. If the bond was purchased on February 24 2020 at a market rate of 3.7% compounded semi-annually, what was the purchase price of the bond?

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter13: Long-term Liabilities
Section: Chapter Questions
Problem 3EB: Smashing Cantaloupes Inc. issued 5-year bonds with a par value of $35,000 and an 8% semiannual...
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A bond has a face value of $10,000 and matures on August 24 2030 with a bond rate of 3.1% compounded semi-annually. If the bond was purchased on February 24 2020 at a market rate of 3.7% compounded semi-annually, what was the purchase price of the bond? 

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