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On the first day of the fiscal year, a company issues a $8,900,000, 12%, 10-year bond that pays semiannual interest of $534,000 ($8,900,000 Times 12%

On the first day of the fiscal year, a company issues a $8,900,000, 12%, 10-year bond that pays semiannual interest of $534,000 ($8,900,000 Times 12% Times 1/2), receiving cash of $7,957,132

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