The sale to actually use school construction

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A $2 million School-bond issue being interest at 15 percent pay le annually and maturing in 25 year was sold at a price which a 20 percent annual rate of return to the investors. The brokerage fee for handling the sale was 0.3 percent of the bond issue. What amount was realized from the sale to actually use school construction?

Reference no: EM13732485

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