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QUESTION
On January 1, 2001 Beta Alpha Psi sells bonds with a face value of $10,000, and a stated interest rate of 15%. The bonds pay interest annually on...
On January 1, 2001 Beta Alpha Psi sells bonds with a face value of $10,000, and a stated interest rate of 15%. The bonds pay interest annually on December 31st and mature in 20 years. The applicable interest rate for bonds of this length and risk, is 12%. A. How much do the bonds sell for?
