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A 1 5 - year bond issue of 4 , 1 0 0 , 0 0 0 and bearing interest at 4 . 5 %

15 -

year bond issue of

4, 100, 000

and bearing interest at

4.5 %

payable annually is sold to yield

4 %

compounded semi

-

annually. What is the issue price of the bonds?

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