On 1st january abc company issued 1000000 5 year 12 percent

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On 1st January, ABC Company issued $1,000,000, 5 year, 12 percent bonds for $1,037,690. If the bonds pay interest on June 30 and 31st December and if the effective rate of interest is 11 percent, evaluate what the interest paid on June 30 was.

Reference no: EM13370956

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