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On December 1, 2019, Spearmint, Inc., issued $450,000 of 9 percent, 3-year bonds for cash of $461,795. The bonds pay interest semiannually. The total cost

On December 1, 2019, Spearmint, Inc., issued $450,000 of 9 percent, 3-year bonds for cash of $461,795. The bonds pay interest semiannually. The total cost of borrowing equals _____.

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