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Cayman Company issued $24,000,000 of 8-year, 6% bonds to finance the acquisition of another firm. Interest is payable semiannually. The bonds were issued at a

Cayman Company issued $24,000,000 of 8-year, 6% bonds to finance the acquisition of another firm. Interest is payable semiannually. The bonds were issued at a market (effective) interest rate of 8%. What is the present value? Round to the nearest whole dollar.

Group of answer choices

A. $20,227,304

B. $25,451,294

C. $21,203.449

D. $24,000,000

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