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Pinder Co. produces and sells high-quality video equipment. To finance its operations, Pinder issued $22,000,000...

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Accounting

Pinder Co. produces and sells high-quality video equipment. To finance its operations, Pinder issued $22,000,000 of three-year, 8% bonds, with interest payable semiannually, at a market (effective) interest rate of 10%.

Determine the present value of the bonds payable. Round your answer to the nearest dollar. $_____________________

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