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A 50,000 bond with a coupon rate of 7.00% is redeemable on October 1, 2013. The bond coupons are paid every month. If the bond

A 50,000 bond with a coupon rate of 7.00% is redeemable on October 1, 2013. The bond coupons are paid every month. If the bond was purchased on July 1, 2009, when the interest rate in the market was 4.00% compounded monthly, what was the purchase price of the bond?

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