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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Ef 604.

Transcribed Image Text:Cullumber Railroad Co. is about to issue $296,000 of 6-year bonds paying an 11% interest rate, with interest payable annually. The
discount rate for such securities is 12%.
Click here to view the factor table.
(For calculation purposes, use 5 decimal places as displayed in the factor table provided.)
In this case, how much can Cullumber expect to receive from the sale of these bonds? (Round answer to O decimal places, e.g. 2,525.)
Cullumber can expect to receive $
559
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