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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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