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A Bank issues bonds a s a n initiative t o increase customer saving. The bonds have a face value o f $ 2 0

A Bank issues bonds asan initiative to increase customer saving. The bonds have a face value of $20,000 each, a bond rate of6% per year (nominal) payable semi-annually, and a maturity date of15 years. What is the current price of this bond, if the market interest rate is8% per year, compounded semi-annually?

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