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A $21,000, 5.5% bond redeemable at par is purchased 12.5 years before maturity to yield 8.5% compounded semi-annually. If the bond interest is payable semi-annually,

A $21,000, 5.5% bond redeemable at par is purchased 12.5 years before maturity to yield 8.5% compounded semi-annually. If the bond interest is payable semi-annually, what is the purchase price of the bond?

The purchase price of the bond is $______ (nearest cent)

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