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ABC Corp. is in need of cash. It issues bonds with a $ 3 million face value. The bonds have an 8 % coupon rate.

ABC Corp. is in need of cash. It issues bonds with a $

3

million face value. The bonds have an

8 %

coupon rate. The market rate is also

8 % .

The bonds have a life of

7

years, and are compounded semiannually. What is the price of these bonds upon issuance?

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