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Determining the Proceeds from Bond IssuesMadison Corporation is authorized to issue $830,000 of 6-year bonds dated June 30, 2016, with a stated rate of interest of 11%. Interest on the bonds is payabl
Determining the Proceeds from Bond Issues
Madison Corporation is authorized to issue $830,000 of 6-year bonds dated June 30, 2016, with a stated rate of interest of 11%. Interest on the bonds is payable semiannually, and the bonds are sold on June 30, 2016.
Required:
Determine the proceeds that the company will receive if it sells the following: (round your answers to two decimal places, if necessary.)
1. The bonds to yield 12%$ 2. The bonds to yield 10%$
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