Garcia Company issues 10.00%, 15-year bonds with a par value of $360,000 and semiannual interest payments. On the issue date, the annual market rate for these
bonds is 8.00%, which implies a selling price of 117 1/4.
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Confirm that the bonds' selling price is approximately correct. Use present value
Table B.1 and Table B.3 in Appendix B. (Round all table values to 4 decimal places,
and use the rounded table values in calculations. Round your other final answers
to nearest whole dollar amount.)
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