Jones, Inc. issued $800,000 in bonds with a stated rate of 6% on January 1....
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Jones, Inc. issued $800,000 in bonds with a stated rate of 6% on January 1. Interest of $24,000 will be paid June 30 and December 31, and the face value will be repaid at the end of four years. At the time the bonds were issued, the market rate was 8%. What was the market price of the bonds on the date of issue?
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