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QUESTION 9 On January 1, Fields Pecan Pie Corporation issued $600,000, 5 %, 32-year bonds to yield 11%. The bonds pay interest annually on

QUESTION 9 On January 1, Fields Pecan Pie Corporation issued $600,000, 5 %, 32-year bonds to yield 11%. The bonds pay interest annually on December 31. What is the cost of borrowing?

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