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William Inc produces and sells Electric sewing machine. On July 1,2016. William Inc issued $20,000,000 10year, 10% bonds at a market (Effective) interest rate of

William Inc produces and sells Electric sewing machine. On July 1,2016. William Inc issued $20,000,000 10year, 10% bonds at a market (Effective) interest rate of 9% receiving cash of $21,951,110. Interest on the bond is payable semi- annually on December 31 and June 30. The fiscal year of the company is the calendar year. Calculate the total cash paid to investors over the life of the bond.

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