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Determine the proceeds of the bond sale

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Question - Sparty Corporation issued five-year, 8% bonds with a total face value of $500,000 on January 1, 2019. Interest is paid annually on December 31. The market rate of interest on this date was 6%. Sparty uses the effective interest rate method.

Required - Using Excel, determine the proceeds of the bond sale on 1/1/19.

Reference no: EM132432931

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