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Gerber Corporation issues 20 -year, $2,000,000 bonds with a stated interest rate of 8%. The bonds pay interest semiannually on June 30 and December 31

Gerber Corporation issues 20 -year, $2,000,000 bonds with a stated interest rate of 8%. The bonds pay interest semiannually on June 30 and December 31 . If the effective annual rate of interest is 10%, what is the issue price of the bonds

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