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Sand Explorers issues bonds due in 15 years with a stated interest rate of 9% and a face value of $320,000. Interest payments

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Answer #1
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The correct option is D: $ 347,667
Working

The issue price is calculated using the PV function:-
PV(rate,nper,pmt,fv)
PV(8%/2,15*2,9%/2*320000,320000)
347,667
The correct option is D: $ 347,667
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