Score: 0 of 1 pt 7 of 30 (4 complete) HW Score: 10%, 3 of 30 pts P5-14 similar to) Question Help Time value An lowa state savings bond can be converted to $100 at maturity 29 years from purchase. If the state bonds are to be competitive with U.S. savings bonds, which pay 7% annual interest (compounded annually), at what price must the state sell its bonds? Assume no cash payments on savings bonds prior to redemption. Ignore taxes The state must sell its bonds for $1. (Round to the nearest cent.) Enter your answer in the answer box and then click Check Answer All parts showing Clear All Check