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6. Downing Company issues $5,000,000,5%,5-year bonds dated January 1, 2010 on January 1, 2010. The bonds pay interest semiannually on June 30 and December 31

6. Downing Company issues $5,000,000,5%,5-year bonds dated January 1, 2010 on January 1, 2010. The bonds pay interest semiannually on June 30 and December 31 . The bonds are issued to yield 6%. What are the proceeds from the bond issue? ( 10 points)

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