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On July 1, 2016, $3.5 million face amount of 7%, 10-year bonds were issued. The...

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Accounting

On July 1, 2016, $3.5 million face amount of 7%, 10-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 7% when the bonds were sold.

Required:

a. How much interest will be paid annually on these bonds?

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