Expenses of issuing the bonds based problem
Grand Corp. issued $20,000,000 par value 10% convertible bonds at 99. If the bonds had not been convertible, the company's investment banker estimates they would have been sold at 95. Expenses of issuing the bonds were $70,000.
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Not very stringent, since they were mostly illiterate and preserved history through oral story-tellers who roamed the countryside.
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