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new university plans to issue a $ 2 million bond. The money is needed to buy equipment for its physics laboratories. The bond matures in

new university plans to issue a $2 million bond. The money is needed to buy equipment for its physics laboratories. The bond matures in 10 years and requires semiannual interest payments. The stated interest is 6 percent, but rates have fallen to 5.966 percent in the market. How much will the university receive when it issues the bond?

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