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Prove that the amount received for the bonds is correct

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Reference no: EM133111583

Question - Entity A issued $5,000,000 of 6%, 10-year bonds on January 1, 2022, for $4,328,974 to yield an effective annual rate of 8%. Interest is payable annually on January 1. The effective-interest method of amortization is to be used. You can round to the nearest dollar. Prove that the amount received for the bonds is correct.

Reference no: EM133111583

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