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On January 1, 2016, Westeros Corporation issued 2,800,000 of twelve-year, 8% bonds at an effective (market) interest rate of 10%. The bonds make a cash

On January 1, 2016, Westeros Corporation issued 2,800,000 of twelve-year, 8% bonds at an effective (market) interest rate of 10%. The bonds make a cash interest payment each year on December 31. What are the cash proceeds that Westeros received on January 1, 2016?

Select one:

a. 2,418,433

b. 2,800,000

c. 2,455,904

d. 3,222,020

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