A $2 million school-bond issue bearing interest at 15 percent payable annually and maturing in 25 years was sold at a price which a 20 percent annual rate of return to the investors. The brokerage fee for handling the sale was 0.3 percent of the total bond issue. What amount was realized from the sale to actually use school construction?
int= 15% n=25 years
Face Value $10,000