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On January 1, 2018, Piper Co. issued ten-year bonds with a face value of $8,000,000 and a stated interest rate of 12%, payable semiannually on

On January 1, 2018, Piper Co. issued ten-year bonds with a face value of $8,000,000 and a stated interest rate of 12%, payable semiannually on June 30 and December 31. The bonds were sold to yield 14%. Calculate the issue price of the bond.

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