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12. The principal amount of a bond is $65,000, its stated rate is 7%, and the term of the bond is 5 years. The bond

12. The principal amount of a bond is $65,000, its stated rate is 7%, and the term of the bond is 5 years. The bond pays interest semiannually. At the time of issue, the market rate is 8%. Determine the present value of the bonds at issuance. (10 pts)

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