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Nichols Corp. issued $100,000 of 5-year bonds with a stated rate of 4%. Interest is paid semiannually, and the market rate of interest is 6%.

Nichols Corp. issued $100,000 of 5-year bonds with a stated rate of 4%. Interest is paid semiannually, and the market rate of interest is 6%. What are the proceeds of the bond sale?

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