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Marmalice Co. issued $4,000,000 of 5-year, 10% bonds, with interest payable semiannually, at a market (effective) interest rate of 11%. Determine the present value of

image text in transcribed Marmalice Co. issued $4,000,000 of 5-year, 10% bonds, with interest payable semiannually, at a market (effective) interest rate of 11%. Determine the present value of the bonds payable using the present value tables. Round to the nearest dollar. Present value of an annuity of $1 at compound interest: Present value of a $1 at compound interest

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