How much does hoover finance by issuing the bonds

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Hoover Company sells $1,000,000 of ten-year, 8% bonds with yield to maturity at 10% on January 1, 2014. The bonds pay interest annually on December 31. In the following questions, use effective interest rate method. ('8% bonds' means 8% coupon rate.) All the questions in this Quiz 6 are based on this bond. How much does Hoover finance by issuing the bonds? (Assume there is no other expenses.) (Format: $x,xxx,xxx or $xxx,xxx)

Reference no: EM131892649

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