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Spiller Corp. plans to issue 10%, 7-year, $590,000 par value bonds payable that pay interest semiannually on June 30 and December 31. The bonds are

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Spiller Corp. plans to issue 10%, 7-year, $590,000 par value bonds payable that pay interest semiannually on June 30 and December 31. The bonds are dated December 31, 2019, and are issued on that date. (PV of $1. FV of $1. PVA of $1. and FVA of $1) (Use appropriate factor(s) from the tables provided. Round your "Table value" to 4 decimal places and final answers to nearest whole dollar.) If the market rate of interest for the bonds is 8% on the date of issue, what will be the total cash proceeds from the bond issue? Answer is complete but not entirely correct. Table Values are Based on: 30 4% Cash Flow Table Value Amount Present Value 590,000 $ Present (maturity) value Interest (annuity) Total cash proceeds 0.3083 $ 17.2920 X $ 29,500 181,897 510,114 692,011 X $

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