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A company issued 9%, 15-year bonds with a face amount of $70 million. The

market yield for bonds of similar risk and maturity is 9%. Interest is paid semiannually. At what price did the bonds sell? (FV of $1PV of $1FVA of $1PVA of $1FVAD of $1 and PVAD of $1(Use appropriate factor(s) from the tables provided. Enter your answers in whole dollars. Round final answers to the nearest whole dollar.)

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As the bond's yield and coupon rate are same, this means that the face value is equal to the bond's price.... View the full answer

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