10. On January 1, 2013, Learned, Inc., issued $11 million face


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10. On January 1, 2013, Learned, Inc., issued $11 million face amount of 20-year, 14% stated rate bonds when market interest rates were 16%. The bonds pay interest semiannually each June 30 and December 31 and mature on December 31, 2032. Table 6-4, Table 6-5 (Use appropriate factor from the table provided.) a. Calculate the proceeds (issue price) of Learned, Inc.’s, bonds on January 1, 2013, assuming that the bonds were sold to provide a market rate of return to the investor. (Round your answer to the nearest whole dollar amount. (e.g., 32))’ Proceeds: $________________

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