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QUESTION
On January 1, a company issued 9%, 10-year bonds with a face amount of $90 million for $84,392,051 to yield 10%. Interest is paid semiannually.
On January 1, a company issued 9%, 10-year bonds with a face amount of $90 million for $84,392,051 to yield 10%. Interest is paid semiannually. What was interest expense at the effective interest rate on June 30, the first interest date?
