Question $24$

$\frac{0}{0\mathrm{.}5}$ pts

The company issues $7\mathrm{.}6\%,5-$year bonds with a face amount of $$100,000$ for $$100,823\mathrm{.}34.$ The market interest rate for bonds of similar risk and maturity is $7\mathrm{.}4\%.$ Interest is paid semiannually.

Determine interest expense for the first interest payment $($rounded to nearest dollar$).$

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