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Bond Redemption DecisionArmstrong Areo Ace, a flig

Bond Redemption DecisionArmstrong Areo Ace, a flight training school, issued $100,000 of 20-year bonds at face value whenthe market rate was 10%. The bonds have been outstanding for ten years. The company paysannual interest on January 1. The current rate for similar bonds is 4%. On January 1, the controllerwould like to purchase the bonds on the open market, retire the bonds, then issue $100,000of ten-year bonds to pay 4% annual interest.

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