On July 1, 2017 Alpha Company sells $1,600,000 face value of 12% five year bonds which call for semiannual interest payments.
On July 1, 2017 Alpha Company sells $1,600,000 face value of 12% five year
bonds which call for semiannual interest payments. The bonds are dated May 1, 2017 so these bonds are issued between interest dates. The market rate at the date of issue is also 12%. For simplicity, use a 360-day year and 30 day months for all calculations.
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