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'Sawdust and Smiles' is the name of a new circus cooperative. They are raising funds by selling bonds. Their 1 0 year 6 % bonds

'Sawdust and Smiles' is the name of a new circus cooperative. They are raising funds by selling bonds. Their

10

year

6 %

bonds with a face value of $

40, 000

have coupons payable quarterly. The yield is

8 %

compounded quarterly. How much will they get from the sale of a bond? Two decimal places.

Answer:

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