Cornerstone Exercise (Appendix 9A) Bond Issue Price
On January 1, 2020, Garner Hot Rods issued S$,000,000 of 6%, 10-year bonds. Interest is pay able semiannually on June 30 and December 31.
Required:
What is the issue price if the bonds are sold to yield 8%? (Note: Round to the nearest dollar.)
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