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26) On May 1, 2018, Joe purchased $200,000 in zero-coupon bonds that mature on May 1, 2038. The bonds no interest during the period of

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26) On May 1, 2018, Joe purchased $200,000 in zero-coupon bonds that mature on May 1, 2038. The bonds no interest during the period of time they are outstanding. The interest rate for such borrowings is at 9%. Interest compounds annually. Required: Calculate the price Joe paid for the bonds

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