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A $70,000 bond with a coupon rate of 7.50%, payable semi-annually, is redeemable in 8.5 years. What was the purchase price of the bond, when

A $70,000 bond with a coupon rate of 7.50%, payable semi-annually, is redeemable in 8.5 years. What was the purchase price of the bond, when the yield rate was 5.00% compounded semi-annually?

Round to the nearest cent

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