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Fly Corporation issued a $ 4,000,000, 8%, 6 years convertible bonds on 1/1/2020. The bonds...

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Accounting

Fly Corporation issued a $ 4,000,000, 8%, 6 years convertible bonds on 1/1/2020. The bonds were issued at 97, and pay interest semiannually, on July 1, and January 1 of every year.

Required: Calculate the total financing (borrowing) cost for the company.

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