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On June 30, 2023, the Shockwell Company issued 6% stated rate bonds with a face amount of $170,000,000. The bonds mature on June 30, 2028

On June 30, 2023, the Shockwell Company issued 6% stated rate bonds with a face amount of $170,000,000. The bonds mature on June 30, 2028 (in 5 years). The market interest rate for similar bonds was 9%. Interest is paid monthly. To determine the price of the bond issue, what is the number of compounding periods (n) for the bonds?

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