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A company issues 8%, 4-year bonds with a par value of $220,000 on January 1 at a price of $227,561, when the market rate of

A company issues 8%, 4-year bonds with a par value of $220,000 on January 1 at a price of $227,561, when the market rate of Interest was 7%. The bonds pay interest semiannually. The amount of each semiannual Interest payment is

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