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on january 1 luring, incorporated, issues $2,000,000 of 10 percent, 5-year bonds that pay interest of $100,000 semiannually. the market rate is 12 percent at the time of issuance. the present value of 1 at 6% for 10 periods is 0.5584. the present value of an annuity at 6% for 10 periods is 7.3601. the issue price of the bonds is .

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