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On February 1, 2013, Salim Inc. issued 6-year, $1.5 million bonds with a coupon rate of 6%. Interest on similar risk investments earns 10% compounded

On February 1, 2013, Salim Inc. issued 6-year, $1.5 million bonds with a coupon rate of 6%. Interest on similar risk investments earns 10% 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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