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Queen City Rentals issues 8%, 20-year bonds with a par value of $710,000 that pay interest semiannually. The current market rate is 7%. The bonds

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Queen City Rentals issues 8%, 20-year bonds with a par value of $710,000 that pay interest semiannually. The current market rate is 7%. The bonds were issued at par value. The amount of cash paid to the bondholders for each semiannual interest payment is: $28,400. $49,700. $24,850. $56,800

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