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equirement 1 . Assume the market interest rate is 7 % on January 1 of year 1 , the date the bonds are issued. (

equirement

1 .

Assume the market interest rate is

7 %

on January

1

of year

1,

the date the bonds are issued.

(

Round your answers to the nearest whole

dollar.

)

.

Using the PV function in

Excel, what is the issue price of the

bonds?

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