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On January 1,2022 KPG Corporation issued $3,000,000,12 year, 10% bonds. The bonds pay interest semi-annually. At the time of issuance the market rate of interest

On January 1,2022 KPG Corporation issued $3,000,000,12 year, 10% bonds. The bonds pay interest semi-annually. At the time of issuance the market rate of interest is 6%. Calculate the issue price of the bond. (Round to the nearest dollar)

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