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D'Souza, Inc., issues $1,000,000 of 11% bonds that pay interest semiannually and mature in seven years. Assume that the market interest (yield) rate is 12%

D'Souza, Inc., issues $1,000,000 of 11% bonds that pay interest semiannually and mature in seven years. Assume that the market interest (yield) rate is 12% per year compounded semiannually. Compute the bond issue price. Round to the nearest whole number.

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