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On the first day of the fiscal year, a company issues a $8,000,000, 12%, 7-year bond that pays semiannual interest of $480,000 ($8,000,000 12% ),

On the first day of the fiscal year, a company issues a $8,000,000, 12%, 7-year bond that pays semiannual interest of $480,000 ($8,000,000 12% ), receiving cash of $7,300,363

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