rane Equipment Inc. issued $$71$ million in $20-$year bonds to finance the expansion of its school bus manufacturing operations in

Vinnipeg. The bonds pay $5\%$ interest semi$-$annually and were issued at $88\mathrm{.}443$ to yield $6\%.$

Your answer is incorrect.

Calculate the amount of cash Crane received on issuance of the bonds.

Cash received $Oriole Organics Ltd$.$ has a number of commercial greenhouse operations in British Columbia's Fraser Valley. To finance the additional

real estate and greenhouses necessary to meet the increasing demand for the company's products, the company decided to issue

bonds. On January $1,$ it issued five$-$year, semi$-$annual bonds with a face value of $$80,000,000.$ The contract rate on the bonds was $4\mathrm{.}5\%$

and the bonds were issued at $96\mathrm{.}5$ to yield $5\mathrm{.}3\%.$ Interest payments are to be made each June $30$ and December $31.$

$($a$1)$

Determine the proceeds on issuance of the bonds.

Proceeds on issuance of the bonds $

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