Marin Inc. issues $$1,600,000$ of $7\%$ bonds due in $10$ years with interest payable at year$-$end. The current market rate of interest for

bonds of similar risk is $8\%.$

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What amount will Marin receive when it issues the bonds? $($For calculation purposes, use $5$ decimal places as displayed in the

factor table provided and final answer to $0$ decimal places, e$.$g$.458,581.)$

Amount received by Marin when bonds were issued