Amount received by Splish when bonds were issued
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Splish Inc. issues $3,700,000 of 7% bonds due in 12 years with interest payable at year-end. The current market rate of interest for bonds of similar risk is 10%.
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What amount will Splish receive when it issues the bonds? (For calculation purposes, use 5 decimal places as displayed in the factor table provided and final answer to 0 decimal places, e.g. 458,581.)
Amount received by Splish when bonds were issued |
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