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Franklin Corp. issues a $15,000 bond with a term of 4 years and a stated rate of 8% paid annually. The market rate of interest

Franklin Corp. issues a $15,000 bond with a term of 4 years and a stated rate of 8% paid annually. The market rate of interest is 10%.

What are the proceeds (i.e., the purchase price) of the bond? You may round to the nearest dollar.

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