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On January 1, 20X3, Kleen Corporation issues $1,000,000 in term bonds with a stated rate of interest of 5% and an effective rate of interest

On January 1, 20X3, Kleen Corporation issues $1,000,000 in term bonds with a stated rate of interest of 5% and an effective rate of interest of 7%. The term of the bonds is 5 years. Determine the total interest expense at the end of 20X3.

a. $70,000

b. $64,260

c. $65,728

d. $50,000

e. $63,232

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