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On September 1, 2019, $5 million face amount of 8%, 12-year bonds were issued. The bonds pay interest on an annual basis on September 1st

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On September 1, 2019, $5 million face amount of 8%, 12-year bonds were issued. The bonds pay interest on an annual basis on September 1st each year. The market interest rates were 7% when the bonds were sold. Calculate the annual interest payment. 350,000 O 400,000 266,667 233,333

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