What are the bondholders contractual claims to payment

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Time Watch Co. has $65 million in earnings and is considering paying $7.50 million in interest to bondholders and $6.25 million to preferred stockholders in dividends.

What are the bondholders contractual claims to payment? (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places (e.g., $1.23 million should be entered as "1.23").)

Reference no: EM131848334

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