Marin Inc. issues $3,100,000 of 7% bonds due in 13 years with interest payable at year-end. The current market rate of interest for bonds of similar risk is 12%.

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What amount will Marin receive when it issues the bonds? (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 458,581.) Amount received by Marin when bonds were issued

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