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Larkspur Inc

Accounting

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Larkspur Inc. issues $1,700,000 of 7% bonds due in 15 years with interest payable at year-end. The current market rate of interest for bonds of similar risk is 11%.

What amount will Larkspur receive when it issues the bonds? (For calculation purposes, use 5 decimal places as displayed in the factor table provided and final answer to 0 decimal places, e.g. 458,581.)

Amount received by Larkspur when bonds were issued