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On January 1 , Year 1 , Jennings, Inc. issued $400,000,10-year, 10% bonds for $354,120. The bonds pay interest on June 30 and December 31

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On January 1 , Year 1 , Jennings, Inc. issued $400,000,10-year, 10% bonds for $354,120. The bonds pay interest on June 30 and December 31 . The market rate is 12%. What is the amount of the first interest payment on June 30 , Year 1 ? Select one: a. $35,412 b. $40,000 c. $20,000 d. $21,247

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