Problem: A $700,000, 20-year, 8% bond issue was sold when the effective rate (market rate) was 10%. Interest was payable annually. Actuarial information for 20 periods follows:
8% 10%
Future value of 14.661 6.728
Present value of 10.21455 .14864
Future value of annuity of 145.762 57.275
Present value of annuity of 19.818 8.514
Required: Compute the amount of cash that was received when the bonds were issued.
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