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Crosby, Incorporated, sells $ 1 , 0 0 0 , 0 0 0 general obligation bonds for 9 8 . The contract interest rate on

Crosby, Incorporated, sells $

1, 000, 000

general obligation bonds for

98 .

The contract interest rate on the bonds is

7

percent, and interest is paid quarterly.

Calculate the amount that the company will actually receive from the sale of the bonds.

Calculate the amount of both the quarterly and the total annual cash interest that the company will be required to pay.

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