Stuttgart Investments recently issued bonds with a face value of $3,000,000 and a coupon rate of 5% for 6 years. The market rate of interest is 4% and the bonds pay interest semi-annually.
Compute the market value of the bond on the issue date.

Question

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The Answer of Stuttgart Investments recently issued bonds with a face value of $3,000,000 and a coupon rate of 5% for 6 years. The market rate of interest is 4% and the bonds pay interest semi-annually.
Compute the market value of the bond on the issue date.

Stuttgart Investments Recently Issued Bonds with a Face Value of $3,000,000