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A company issued 8%, 20-year bonds with a face amount of $72 million. The market yield for bonds of similar risk and maturity is 9%.

A company issued 8%, 20-year bonds with a face amount of $72 million. The market yield for bonds of similar risk and maturity is 9%. Interest is paid semiannually. At what price did the bonds sell? (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s). Enter your answers in whole dollars. Round final answers to the nearest whole dollar.)

n =

i =

Interest Amount =

Interest Present Value =

Principal Amount =

Principal Present Value =

Price of bonds =

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