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On January 1 , the first day of the fiscal year, a company issues a $ 2 , 0 5 0 , 0 0 0

On January 1, the first day of the fiscal year, a company issues a $2,050,000,9%, five-year bond that pays semiannual interest of $92,250($2,050,000\times 9%\times (1)/(2)), receiving cash of $2,006,440.

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