Fairfield Pharmaceutical Inc.plans to sell 20,000 bonds each with a face value of $1,000.If all of the bonds eventually sell for $950 each and the firm's investment banker receives a commission of 2.00% for every bond sold,what are the net proceeds to the firm from the sale of the bond issue?
A) $19,600,000
B) $19,000,000
C) $18,780,000
D) $18,620,000
Correct Answer:
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