$($Appendix $9$A$)$ Bond Issue Price

Amount, Future Value of an Annuity and Present Value of an Annuity.

Required:

What is the issue price if the bonds are sold to yield $8\%?$ Round factors to five decimal places and final answer to the nearest dollar.

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$x$

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Bonds are priced at the present value of the two future cash flows, periodic interest payments, and repayment of the principal.