## Answers

**Answer of Part 3:**

Issue Value of Bonds = $64,298,892

Annual Effective Rate = 9.00%

Semiannual Effective Rate = Annual Effective Rate / 2

Semiannual Effective Rate = 9.00% / 2

Semiannual Effective Rate = 4.50%

First Interest Date:

Interest Expense = Amount * Effective Rate

Interest Expense = $64,298,892 * 4.50%

**Interest Expense = $2,893,450**

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