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Cox Company issues bonds with a par value of $ 8 0 0 , 0 0 0 on their issue date for $ 8 3

Cox Company issues bonds with a par value of $800,000 on their issue date for $832,440. The bonds mature in 5 years and pay 9% annual interest in semiannual payments. On the issue date, the market rate of interest (annual) is 8%. Compute the total interest expense for Cox Company over the life of the bonds.

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