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Bonds Issued at a Discount Forkman Company issued five-year, $25,000 bonds with a stated rate of interest of 8%, compounded semiannually. The effective interest rate demanded by investors for bonds of this level of risk is 12%. Use the Present value of a single sum ($1) and Present value of an annuity ($1). Calculate the issuance price of the bond (e.g., the total present value). Round to the nearest dollar