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On 1/1/X4, five-year semiannual 11% term bonds with a face value of $1,000,000 were issued for $1,062,311. The bonds were issued to yield a market

image text in transcribed On 1/1/X4, five-year semiannual 11% term bonds with a face value of $1,000,000 were issued for $1,062,311. The bonds were issued to yield a market rate of 10% per year, compounded semiannually. Under the effective interest method of amortization, what is the total interest expense for year X4 ? A. $53,021 B. $53,116 C. $104,348 D. $106,137 E. $108,243

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