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Cowboy Company issued 8 % , 1 0 - year bonds with a face amount of $ 4 0 million. The market yield for bonds

Cowboy Company issued 8%,10-year bonds with a face amount of $40 million. The market yield for bonds of similar risk and maturity is 9%. Interest is paid semiannually. At what price did the bonds sell? (rounded to the nearest dollar)

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