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On January 1, 2019, Company E issues $1 million of 8% coupon bonds due January 1, 2034. These bonds pay interest semiannually. If the yield

On January 1, 2019, Company E issues $1 million of 8% coupon bonds due January 1, 2034. These bonds pay interest semiannually. If the yield to maturity on the bonds is 7%, what is the selling price of the bonds?

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