Question: Sleet Company has proposed a bond offering of $5,000,000 at a contract rate of interest of 6% and interest payments to be paid semi-annually. The question is if the market rate is 10% then what would be the cash proceeds for this 12-year bond assuming all bonds were sold at auction?
Another question is what would be the amount of interest charged to Sleet Company during the first year the bonds were outstanding?
What is the total amount of interest paid during the entire life of the bonds?
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