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Dempsey Railroad Co. is about to issue $256,000 of 8-year bonds paying an 8% interest rate, with interest payable semiannually. The discount rate for such

Dempsey Railroad Co. is about to issue $256,000 of 8-year bonds paying an 8% interest rate, with interest payable semiannually. The discount rate for such securities is 9%.

In this case, how much can Dempsey expect to receive from the sale of these bonds?

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