Question: Metlock Inc. issues $ 3 , 7 0 0 , 0 0 0 of 7 % bonds due in 1 0 years with interest payable

Metlock Inc. issues $3,700,000 of 7% bonds due in 10 years with interest payable at year-end. The current market rate of interest for
bonds of similar risk is 9%.
Click here to view factor tables.
What amount will Metlock receive when it issues the bonds? (For calculation purposes, use 5 decimal places as displayed in the factor table
provided and final answer to 0 decimal places, e.g.458,581.)
Amount received by Metlock when bonds were issued
Metlock Inc. issues $ 3 , 7 0 0 , 0 0 0 of 7 %

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