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Question 3: Cairo Corporation issued 500,000 of 6% term bonds on January 1, 2019, due on January 1, 2024, with interest payable each July 1

Question 3:

Cairo Corporation issued 500,000 of 6% term bonds on January 1, 2019, due on January 1, 2024, with interest payable each July 1 and January 1. Investors require an effective-interest rate of 4%. Calculate the bond proceeds.

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