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A $4,000 bond paying interest at 6% compounded semi-annually is redeemable on Aug. 1, 2027. The bond is purchased on November 10, 2014 to yield

A $4,000 bond paying interest at 6% compounded semi-annually is redeemable on Aug. 1, 2027. The bond is purchased on November 10, 2014 to yield 8% compounded semi-annually. Calculate the purchase price.

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