Question: On December 1, 2017, Exlou Inc. will be making a $15,000,000 bond issue to public investors. The bond matures in 12 years on November 30,

On December 1, 2017, Exlou Inc. will be making a $15,000,000 bond issue to public investors. The bond matures in 12 years on November 30, 2029 and pays interest annually on November 30. The effective interest rate on December 1, 2017 is expected to be 9 percent. How much will Exlou receive in proceeds from its bond if the rate on the bond is
a. 10 percent?
b. 9 percent?
c. 8 percent?

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