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How much did mike corporation pay to purchase

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Suppose Mike corporation buys $1,000,000 of TD bonds at a price of 101. The TD bonds pay cash interest at the annual rate of 7% and mature at the end of five years.

Question 1: How much did Mike corporation pay to purchase the bond investment? How much will Mike corporation collect when the bond investment matures?

Question 2: How much cash interest will Mike Corporation receive each year from TD?

Question 3: Will Mike Corporation annual interest revenue on the bond investment be more or less than the amount of cash interest received each year? Give your reason.

Reference no: EM132565795

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