Question: Sheffield Inc. issues $ 3 , 4 0 0 , 0 0 0 of 7 % bonds due in 1 0 years with interest payable

Sheffield Inc. issues $3,400,000 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 10%.
Click here to view factor tables.
What amount will Sheffield 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.)
Sheffield Inc. issues $3,400,000 of 7% bonds due in 10 years

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