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Cullumber Railroad Co. is about to issue $286,000 of 10-year bonds paying an 12% interest rate, with interest payable annually. The discount rate for such

Cullumber Railroad Co. is about to issue $286,000 of 10-year bonds paying an 12% interest rate, with interest payable annually. The discount rate for such securities is 8%.

How much can Cullumber expect to receive for the sales of these bonds?

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