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Dempsey Railroad Co is about to issue $400,000 of 10-year bonds paying an 11% interest rate with interest payable annually. The discount rate for such

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Dempsey Railroad Co is about to issue $400,000 of 10-year bonds paying an 11% interest rate with interest payable annually. The discount rate for such securities is 10% Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) How much can Dempsey expect to receive for the sale of these bonds? (Round answer to decimal places, e.g. 2.525.) Dempsey can expect to receive

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