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DeAngelisCo needs to raise capital. They offer a standard face value corporate bond but with...

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Accounting

DeAngelisCo needs to raise capital. They offer a standard face value corporate bond but with coupon payments of $7,000 payable once every seven years. The annuity lasts for exactly 70 years with the last payment occurring at the end of year 70. The first payment is made at the end of year seven. Assume an annual interest rate of 7%. How much money can they raise today by issuing this bond?

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