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On January 1, 2019, P&G issued 10-year zero coupon bonds with a par value of $1,000,000. The market interest rate is 10% per annum at

On January 1, 2019, P&G issued 10-year zero coupon bonds with a par value of $1,000,000. The market interest rate is 10% per annum at the time of the issue, compounded semi-annually. (Hint: That is, the market expects a return of 5% for every six months.) Determine the total cash flow from operations related to this zero-coupon bond that P&G would recognize in its statement of cash flows for the fiscal year ending 12/31/2020.

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