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Stanford issues bonds dated January 1, 2015, with a par value of $247,000. The bonds annual contract rate is 6%, and interest is paid semiannually on June 30 and December 31 . The bonds mature in three years. The annual market rate at the date of issuance is 8%, and the bonds are sold for $234,048. 1. What is the amount of the discount on these bonds at issuance? iscount

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