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A 2 5 - year bond issue of 4 , 9 0 0 0 0 0 and bearing interest at 6 . 5 % payable

25 -

year bond issue of

4, 900 000

and bearing interest at

6 . 5 %

payable annually is sold to yield

6.8 %

compounded semi

-

annually. What is

.

the issue price of the bonds?

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