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Garcia Company is about to issue $300,000 of 8-year bonds paying a 12% interest rate with interest payable semiannually. The market rate for such...

Garcia Company is about to issue $300,000 of 8-year bonds paying a 12% interest rate with interest payable semiannually. The market rate for such securities is 10%. Below are time value of money factors that Garcia uses to calculate compounded interest.
8 periods, 10%
16 periods, 5%
8 periods, 12%
16 periods, 6%
Present value 1
0.46651
0.45811
0.40388
0.39365
Present value of an annuity of 1
5.33493
10.83777
4.96764
10.10590

To the closest dollar, how much can Garcia expect to receive for the sale of these bonds?

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