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8. Twenty $7,000 bonds redeemable at par bearing 8% coupons payable annually are sold eleven years before maturity to yield 6.4% compounded semi-annually. a) Is

8. Twenty $7,000 bonds redeemable at par bearing 8% coupons payable annually are sold eleven years before maturity to yield 6.4% compounded semi-annually. a) Is it a premium or a discount? b) What is the purchase price of the bonds

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