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3. Dilley Co. issued $40,000 of 8-year, zero-coupon debenture bonds on January 1 when the market yield was 6%. The bond agreement stated that compounding

3. Dilley Co. issued $40,000 of 8-year, zero-coupon debenture bonds on January 1 when the market yield was 6%. The bond agreement stated that compounding was semiannual. How much are the proceeds of the bond issue? $40,000 $25,096 $24,201 $24,927

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