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Sandhill Power Ltd. issues bonds and receives proceeds of $59,481,000. The bonds mature in 13 years and carry a 9.6% interest rate paid semi-annually. The

Sandhill Power Ltd. issues bonds and receives proceeds of $59,481,000. The bonds mature in 13 years and carry a 9.6% interest rate paid semi-annually. The bonds were issued at a price of 132.18 to yield 6%.

Determine the face value of the bonds?

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