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Five $1,000 bonds having a bond rate of 8% per year payable quarterly are purchased for $4,940 and kept for 6 years, at which time

Five $1,000 bonds having a bond rate of 8% per year payable quarterly are purchased for $4,940 and kept for 6 years, at which time they are sold. Determine the selling price that yields a 6% effective annual return on the investment.

Solve without excel. Please.

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