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QUESTION
1-1. On July 1, Year 1, PPI issued $10 million of 20-year, 8% bonds, which paid interest semiannually. The bonds were issued to yield 10%. What were
1-1. On July 1, Year 1, PPI issued $10 million of 20-year, 8% bonds, which paid interest semiannually. The bonds were issued to yield 10%. What were the proceeds of the bond issue?
