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Baliga Co. produces and sells high-quality audio equipment. To finance its operations, Baliga Co. issued $18,000,000 of five-year, 8% bonds with interest payable semiannually at a market (effective) interest rate of 10%. Determine the present value of the bonds at a market (effective) interest rate of 10%. Determine the present value of the bonds payable, using the present value tables in Exhibits 4 and 5. Round to the nearest dollar.

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