On july 1 2016 40 million face amount of 8 12-year bonds, Financial Accounting

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On july 1 2016 40 million face amount of 8 12-year bonds

On July 1, 2016, $4.0 million face amount of 8%, 12-year bonds were issued. The bonds pay interest on an annual basis on June 30 each year. The market interest rates were slightly higher than 8% when the bonds were sold. Required: a. How much interest will be paid annually on these bonds?

annual int payment=?

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Financial Accounting: On july 1 2016 40 million face amount of 8 12-year bonds

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