Essay
BB Company issued 11%, 5-year, $600,000 face value bonds that pay interest semi-annually on October 1 and April 1. The bonds are dated April 1, 2014, and are issued on that date. The discount rate of interest for such bonds on April 1, 2014, is 10%. What cash proceeds did SBB Company receive from issuance of the bonds?
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Present value of the interest payments:
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