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On January 1, a company issued $12 million of 10-year bonds with a coupon rate of 5%, payable semi-annually. The market rate of interest on

On January 1, a company issued $12 million of 10-year bonds with a coupon rate of 5%, payable semi-annually. The market rate of interest on the issuance date was 6%. What was the issuance price?

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