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On January 1, the first day of the fiscal year, a company issues an $2,000,000, 5%, five-year bond that pays semiannual interest of $50,000

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On January 1, the first day of the fiscal year, a company issues an $2,000,000, 5%, five-year bond that pays semiannual interest of $50,000 ($2,000,000 x 5% x 16), receiving cash of $2,102,200 Required:

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