Question: Studley Company issued a five-year $5,000,000 bond that had a 8 percent face interest rate that is paid annually when the market interest rate was

Studley Company issued a five-year $5,000,000 bond that had a 8 percent face interest rate that is paid annually when the market interest rate was 10 percent. What are the proceeds of the bond issue? (The answer is 4,620,820)

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