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Limeway Company issues $5,000,000, 10%, 10-year bonds dated January 1, 2007 on January 1, 2007. The bonds pay interest semiannually on June 30 and December

Limeway Company issues $5,000,000, 10%, 10-year bonds dated January 1, 2007 on January 1, 2007. The bonds pay interest semiannually on June 30 and December 31. The bonds are issued to yield 8% (market rate). What are the cash proceeds from the bond issue?

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