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Cullumber Corp. issued $620,000 of 3-year, 5% bonds on May 1, 2021. The market interest rate when the bonds were issued was 8%. Interest is

Cullumber Corp. issued $620,000 of 3-year, 5% bonds on May 1, 2021. The market interest rate when the bonds were issued was 8%. Interest is payable quarterly.

How much interest will be paid each period?

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