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The Sanders Company issued 9.5% bonds; dated January 1 , with a face amount of $8,000,000 on January 1,2022. The bonds mature on December 31, 2031 (10 years). For bonds of similar risk and maturity, the market yield is 11.0%. Interest is paid semiannually on June 30 and December 31 . Sanders uses the effective interest method. 1. Determine the price of the bonds at January 1, 2022 using Excel's PV function