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Chapter 20 Problem 20 (3).doc
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[QUESTION] [Problem 20.3] Krakow Machine Company wishes to borrow $10 million for 10 years. It can issue either a non callable bond at 11.40 percent interest or a bond callable at the end of 5 years for 12 percent. For simplicity, we assume that the bond will be called only at the end of year 5. T...
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