On January 1, 7022, Davison Corp. issues $500,000 of 9% 15-year bonds that pay interest annually on December 31* each year. Bonds of similar risk and maturity are paying 7%. How much cash will Davison Corp. pay the bondholders for one annual interest payment? • $35,000 . • $49,651 • $500,000 • 45,000

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