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Bears All Shirts Company issues bonds with a face value of $ 1 5 , 0 0 0 , 0 0 0 that pay 7

Bears All Shirts Company issues bonds with a face value of $

15, 000, 000

that pay

7 %

interest semiannually and mature in

20

years

.

Calculate the price of the bond if the market interest rate is

7 %

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