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Clancey Inc. issues $2,124,800 of 7% bonds due in 14 years with interest payable at year-end. The current market rate of interest for bonds of

Clancey Inc. issues $2,124,800 of 7% bonds due in 14 years with interest payable at year-end. The current market rate of interest for bonds of similar risk is 11%. (Use the tables below.)

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