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One hundred $1,000 bonds having bond coupon rates of 8% per year payable annually are purchased for 595,250 and kept for 6 years, at which

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One hundred $1,000 bonds having bond coupon rates of 8% per year payable annually are purchased for 595,250 and kept for 6 years, at which time they are sold. Determine the selling price that will yield a 7% effective annual return on the investment

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