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Sandhill Equiptment Inc. issued $91 million in 20-year bonds to finance the expansion of its...

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Accounting

Sandhill Equiptment Inc. issued $91 million in 20-year bonds to finance the expansion of its school bus manufacturing operations in Winnipeg. The bonds pay 5% interest semi-annually and were issued at 88.443 to yield 6%. Calculate the amount of cash Sandhill reecieved on issuance of the bonds.

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