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A 2 0 - year bond issue of 5 , 4 0 0 , 0 0 0 and bearing interest at 6 . 5 %
A year bond issue of and bearing interest at payable annually is sold to yield compounded quarterly. What is the issue price of the bonds?
The purchase price of the bond is $
Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal placesasneeded
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