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A 1 5 - year bond issue of 4 comma 9 0 0 comma 0 0 0 and bearing interest at 3 . 5 %

15 -

year bond issue of

4

comma

900

comma

000

and bearing interest at

3.5 %

payable annually is sold to yield

3.1 %

compounded semi dash annually. What is the issue price of the

bonds?

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