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Dempsey Railroad Co. is about to issue $306,000 of 9-year bonds paying an 12% interest rate, with interest payable semiannually. The discount rate for such

Dempsey Railroad Co. is about to issue $306,000 of 9-year bonds paying an 12% interest rate, with interest payable semiannually. The discount rate for such securities is 10%.

How much can Dempsey expect to receive for the sale of these bonds? (Round answer to 0 decimal places, e.g. 2,525.)

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