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On January 1, 2015, the market interest rate is 12% and a 10-year, 10% bond payable of $1,000,000 was issued. How much is the cash

On January 1, 2015, the market interest rate is 12% and a 10-year, 10% bond payable of $1,000,000 was issued. How much is the cash proceed from the issuance of bonds if the interest is paid annually every December 31?

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