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7. The Andrew Company has decided to issue a 10 year, 8%, $3,000,000 term bond on June 1, 2017, paying annual interest with the first

7. The Andrew Company has decided to issue a 10 year, 8%, $3,000,000 term bond on June 1, 2017, paying annual interest with the first interest payment due June 1, 2018. At the time the market rate for similar bonds is 7%. You have been asked to establish the selling price of the bond.

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