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A company issues $5,000,000, 7.8%, 20-year bond to yield 8% on Janurary 1, 2015, interest is paid on June 30 and December 31. The proceeds

A company issues $5,000,000, 7.8%, 20-year bond to yield 8% on Janurary 1, 2015, interest is paid on June 30 and December 31. The proceeds from the bonds are $4,901,036. What is that amount of interest using straight line amortization?

a. $385,052

b. $390,000

c. $392,298

d. $394, 948

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