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McWherter Instruments sold $610 million of 10% bonds dated January 1 on January 1 2013. The bonds mature on December 31 2032 20 years For bonds of similar risk and maturity the market yield

McWherter Instruments sold $610 million of 10% bonds, dated January 1, on January 1, 2013. The bonds mature on December 31, 2032 (20 years). For bonds of similar risk and maturity, the market yield was 12%. Interest is paid semiannually on June 30 and December 31. Blanton Technologies, Inc., purchased $610,000 of the bonds as a long-term investment. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)

  

Required:
1.

Determine the price of the bonds issued on January 1, 2013. (Enter your answers in wholedollars.)

 

Jun 23 2020 View more View Less

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