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Calculate the price of a $ 1 million bonds issued with: 2 0 years to maturity, interest paid semiannually, stated interest rate of 1 2

Calculate the price of a $

1

million bonds issued with:

20

years to maturity, interest paid semiannually, stated interest rate of

12 %,

and effective

(

market

)

interest rate of

10 % .

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