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Larkspur Inc. issues $3,800,000 of 7% bonds due in 12 years with interest payable at year-end. The current market rate of interest for bonds of
Larkspur Inc. issues $3,800,000 of 7% bonds due in 12 years with interest payable at year-end. The current market rate of interest for bonds of similar risk is 11%.
What amount will Larkspur receive when it issues the bonds?
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