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6 . A $ 2 5 0 0 0 , 6 % bond redeemable at par is purchased 1 1 years before maturity to yield

6 .

A $

25 000, 6 %

bond redeemable at par is purchased

11

years before maturity to yield

6.9 %

compounded semi

-

annually. If the bond interest is payable semi

-

annually, what is the purchase price of the bond?

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