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1. On January 1, a company issues bonds, that is, obtains a loan. Use the time...

1. On January 1, a company issues bonds, that is, obtains a loan. Use the time value tables located at the end of our Wild, 9th edition, textbook and calculate the amount of cash received by the company, based on the following data:

• 7%, 10-year bonds with a par value of $2,000,000.

• The bonds pay interest semiannually.

• The market rate of interest is 8% at the time of the issuance of the bonds.

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