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If $1,000,000, 8% bonds are issued at 102 1/2, the amount of cash received is?

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If $1,000,000 of 8% bonds are issued at 102 1/2, the amount of cash received from the sale is:

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The solution explains the calculation and gives us the correct answer.

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The fact that the bonds were issued at 102 1/2 (102.5) implies that they sold for ...

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