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On May 1, 2021, Joe purchased $100,000 in zero-coupon bonds that mature on May 1, 2041. The bonds pay no interest during the period of

On May 1, 2021, Joe purchased $100,000 in zero-coupon bonds that mature on May 1, 2041. The bonds pay no interest during the period of time they are outstanding. The interest rate for such borrowings is at 8%. Interest compounds annually. Calculate the price Joe paid for the bonds.

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