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Alton Corp. purchased ten $1,000 44% bonds of SolarSolar Corporation when the market rate of...

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Accounting

Alton Corp. purchased ten $1,000 44% bonds of SolarSolar Corporation when the market rate of interest was 12%. Interest is paid semiannually, and the bonds will mature in five years. Using the PV function in Excel Superscript Excel, compute the price Alton paid (the present value) for the bond investment.

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