3. A $700,000, 20-year, 8% bond issue was sold to yield 10%. Interest was payable annually. Actuarial information for 20 periods follows: (10 Points) Future value of 1 Present value of 1 Future value of annuity of 1 Present value of annuity of 1 Required: 8% 4.661 0.21455 45.762 9.818 10% 6.728 .14864 57.275 8.514 Compute the amount of cash that was received when the bonds were issued