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Question
On January 1, 2011, Asianic Inc. issued 10-year bonds with a face amount of ¥20,000,000 and a contract rate of 8% payable annually on January 1. The effective-interest rate on the bonds is 10%. Present value factors are as follows:
Total issue price of the bonds was
a. ¥20,000,000.
b. ¥19,600,000.
c. ¥18,400,000.
d. ¥17,552,000.
Answer
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