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Please provide explanation. A 20-year bond issue of 4,800,000 and bearing interest at 6% payable annually is sold to yield 6.3% compounded quarterly. What is

Please provide explanation.

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A 20-year bond issue of 4,800,000 and bearing interest at 6% payable annually is sold to yield 6.3% compounded quarterly. What is the issue price of the bonds? The purchase price of the bond is $D. (Round the nal answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

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