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Business, 11.12.2019 04:31 DaisyHargrove23

Brown co. issued $100 million of its 11% bonds on april 1, 2021 at 90 ($90 million) plus accrued interest. the bonds are dated january 1, 2021 and have an effective interest rate of 12%. interest is payable semi-annually on june 30 and december 31. what amount did brown receive from the bond issuance?
a) $87.8 million
b) $99.0 million
c) $100.0 million
d) $101.5 million

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