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Sarasota Corporation issues $530,000 of 14% bonds that are due in 8 years and pays interest semi-annually. At the time of issue, the market rate

Sarasota Corporation issues $530,000 of 14% bonds that are due in 8 years and pays interest semi-annually.

At the time of issue, the market rate for such bonds is 12%.

What is the issue price of the bond?

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