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Posted on Apr 25, 2024

Brown Company issued $ 1 0 0 million of its 7 % bonds on April 1 , 2 0 2 4 at 8 5 (

Brown Company issued $

100

million of its

7 %

bonds on April

1, 2024

85 (

85

million

)

plus accrued interest. The bonds are dated January

1, 2024

and have an effective interest rate of

8 % .

Interest is payable semiannually on June

30

and December

31 .

What amount did Brown receive from the bond issuance?

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