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Newman Cycling Equipment is issuing $2,000,000, 9% corporate bonds on January 1, 2020, due on January 1, 2030, with interest payable each January 1. At

Newman Cycling Equipment is issuing $2,000,000, 9% corporate bonds on January 1, 2020, due on January 1, 2030, with interest payable each January 1. At the time of issuance, the market interest rate for similar financial instruments is 6%. At what price will the bonds be sold?

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