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A 1 5 - year bond issue of 5 , 4 0 0 , 0 0 0 and bearing interest at 6 % payable annually

15 -

year bond issue of

5, 400, 000

and bearing interest at

6 %

payable annually is sold to yield

5.5 %

compounded semi

-

annually. What is the issue price of the bonds?

The purchase price of

the

bond

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