Question:

On January 1, 2020, Windsor Inc. issued $560,000 of 5-year, 4% bonds to yield a market interest rate of 5%. Interest is paid every quarter on January 1, April 1, July 1, and October 1. Windsor has a calendar year end.

After recording the December 31, 2021 accrual for quarterly interest, and making the payment on January 1, 2022, all the bonds were redeemed at 101.

(a)

UseExcel or a financial calculatorto determine how much the company received from the sale of these bonds.

The company received $ ( )