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On February 1 , 2 0 1 3 , Salim Inc. issued 6 - year, $ 4 . 0 million bonds with a coupon rate

On February 1,2013, Salim Inc. issued 6-year, $4.0 million bonds with a coupon rate of 6%. Interest on similar risk investments earns 4% compounded semi-annually. The bonds pay coupons semi-annually on August 1 and February 1 each year. What is the issue price of the bond (on Feb 1,2013)?

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