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A $55,000 bond with a coupon rate of 8.00% is redeemable on October 1, 2013. The bond coupons are paid every month. If the bond

A $55,000 bond with a coupon rate of 8.00% 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 5.50% compounded monthly, what was the purchase price of the bond? Round to the nearest cent

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