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Assume that the David Bowie Corporation issues $7 million of 12%,5-year bonds on May 1, 2018, with interest payable semiannually on November 1 and May

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Assume that the David Bowie Corporation issues $7 million of 12%,5-year bonds on May 1, 2018, with interest payable semiannually on November 1 and May 1. If the market effective interest rate on May 1 , 2018 is 10%. Which of the following answers is correct? 1. The total interest expense is $4,740,522 2. The total interest expense is $3,659,478 3. The total interest expense is $4,200,000 4. The total interest expense is $3,676,400

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