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1. A company issues 7000 bond certificates with a face value of $5000 each that mature in 7 years. Interest on the bonds is 4%

1. A company issues 7000 bond certificates with a face value of $5000 each that mature in 7 years. Interest on the bonds is 4% payable annually. What is the issue price of the bonds if the bonds are sold to yield 7% compounded quarterly?

2. In how many years will $3500 grow to $7440 at 7% compounded quarterly?

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