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GMAT Corporation is planning to issue bonds with a face value of $253,000 and a coupon...

GMAT Corporation is planning to issue bonds with a face value of $253,000 and a coupon rate of 6 percent. The bonds mature in 5 years and pay interest semiannually every June 30 and December 31. All of the bonds were sold on January 1 of this year. Determine the issuance price of the bonds assuming an annual market rate of interest of 8.0 percent.

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