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Spiller Corporation plans to issue 10%,15-year, $500,000 par value bonds payable tha pay interest semiannually on June 30 and December 31. The bonds are dated
Spiller Corporation plans to issue 10%,15-year, $500,000 par value bonds payable tha pay interest semiannually on June 30 and December 31. The bonds are dated January 1 of the current year and are issued on that date. Required: 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? Use formulas that reference data from this worksheet and from the appropriate future or present value tables (found by clicking the tabs at the bottom of this worksheet). For an answer to be graded as correct, you must use an Excel formula: 1. Begin each formula with an = sign. 2. Reference cells, instead of entering values. Example: =B3+C3
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