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How much is the estimated total proceeds

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Question - ABC Co. is contemplating on issuing a 12%, 3-year, 1,000,000 bonds. Principal is due at maturity but interest is due semi-annually every July 1 and December 31. ABC determines that the current market rate on January 1, 20x1 is 14%. ABC Co. plans to issue the bonds on September 30, 20x1. How much is the estimated total proceeds from the issuance of the bonds on September 30, 20x1?

a. 666,342

b. 962,563

c. 952,334

d. 992,563

Reference no: EM132853439

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