On January 1, 2022, ABC Company issued $5,000,000 of 6%, 10-year bonds when the        market rate of interest was 8%.          Interest payments of $150,000 will be paid semiannually to the bondholders beginning        June 30, 2022.        ABC Company will make 20 interest payments to the bondholders over the 10 year life of        the bonds.   How much cash will ABC Company receive from the bond issue on January 1, 2022?

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A:

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