Question: Macdonald issues a $10,000,000 7%, 20 year bond dated January 1, 2016. Interest is paid every January 1 and July 1. The bond sold for

Macdonald issues a $10,000,000 7%, 20 year bond dated January 1, 2016. Interest is paid every January 1 and July 1. The bond sold for $9,800,000 on march 1, 2016. How much total cash was received on march 1, 2016?

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