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Question(s) / Instruction(s):

A company issues 9%, 20-year bonds with a par value of $780,000. The current market rate is 8%. The amount of interest owed to the bondholders for each semiannual interest payment is:

a)            $390,000

b)            $70,200

c)            $62,400

d)            $31,200

e)            $35,100

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