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On October 1, 2020, Ross Wind Energy Inc. issued a $1,650,000, 9.0%, seven-year bond. Interest is to be paid annually each October 1. Assume a November 30 year-end.

Required:
a. Calculate the issue price of the bond assuming a market interest rate of 8% on the date of the bond issue. (Do not round intermediate calculations. Round the final answer to the nearest whole dollar.)

Sagot :

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