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Cullumber Company is about to issue $312,400 of 10-year bonds paying an 12% interest rate, with interest payable semiannually. The discount rate for such securities

Cullumber Company is about to issue $312,400 of 10-year bonds paying an 12% interest rate, with interest payable semiannually. The discount rate for such securities is 8%. How much can Cullumber expect to receive for the sale of these bonds?

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