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(1 point) A government issues $6000000 of serial bonds paying interest at j1 = 4%, of which $2000000 is redeemed in 20 years, $3000000 is

(1 point) A government issues $6000000 of serial bonds paying interest at j1 = 4%, of which $2000000 is redeemed in 20 years, $3000000 is redeemed in 25 years and $1000000 is redeemed in 35 years. Determine the purchase price on the day that the bonds were issued, in order for investors to receive a yield of j1 = 11%. Answer: S

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