Bonds sale to be used in the school construction

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A $2 million school-bond issue bearing interest at 15 percent payable annually and maturing in 25 year was sold at a price which a 20 percent annual rate of return to the investors. the brokerage fee for handling the sale was 0.3 percent of the total bond issue. what amount has to be realized from the bonds sale to be used in the school construction?

Reference no: EM13987082

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