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On 1 January 2011 Swann issued 5% $30,000 loan notes at nominal value when the effective rate of interest is also 5% .The loan notes will be redeemed at par.The liability is classified at FVTPL.At the end of the first accounting period market interest rates have risen to 6%.
Required
calculate the fair value of the liability as at 31 Dec 2011?
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