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On 1 July 2014, ABC Limited issued $10 million in five year debentures that pay interest  each six months at an annual coupon rate of 10%. The debentures will mature on 30  June 2019, which is also the date of the final interest payment. At the time of the issue  of the debentures, the market rate of return is 12%.


Determine the issue price of the debentures and find out any premium or discount.


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