Sixty $1000 bonds redeemable at par bearing 4.0% coupons payable semi-annually are sold seven years before maturity

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Sixty $1000 bonds redeemable at par bearing 4.0% coupons payable semi-annually are sold seven years before maturity to yield 5.5% compounded semiannually. What is the purchase price of the bonds?
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Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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