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On January 1,2020CMC Corporation issued $3,500,000,10 year, 8% bonds. The bonds pay interest semi-annually. At the time of issuance the market rate of interest is

On January 1,2020CMC Corporation issued $3,500,000,10 year, 8% bonds. The bonds pay interest semi-annually. At the time of issuance the market rate of interest is 12%. Calculate the issue price of the bond. (Round to the nearest dollar)

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