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A business is planning to issue 1 0 % , 6 - year bonds with a par value of $ 5 5 5 , 0

A business is planning to issue 10%,6-year bonds with a par value of $555,000 on January 1 of the current year. The bonds pay semiannual interest on June 30 and December 31. Assuming the market rate for the bonds on the issue date is 8%, compute the total cash proceeds from the bond issue.

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