Pharmaceutical Miracles is a new drug company entering the market. It plans to issue notes with a face value of $8,000,000 and a coupon rate of 7% for 8 years. The market rate of interest is 6%.
Compute the market value of the notes on the issue date if interest is paid semi-annually.

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The Answer of Pharmaceutical Miracles is a new drug company entering the market. It plans to issue notes with a face value of $8,000,000 and a coupon rate of 7% for 8 years. The market rate of interest is 6%.
Compute the market value of the notes on the issue date if interest is paid semi-annually.

Pharmaceutical Miracles Is a New Drug Company Entering the Market