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A 20-year bond issue of 5,900,000 and bearing interest at 5.5% payable annually is sold to yield 5.35% compounded semi-annually. What is the issue price

20-year

bond issue of

5,900,000

and bearing interest at

5.5%

payable annually is sold to yield

5.35%

compounded

semi-annually.

What is the issue price of the bonds?

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