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Ten $ 8 , 0 0 0 bonds redeemable at par bearing 5 % coupons payable annually are sold eleven years before maturity to yield

Ten $

8, 000

bonds redeemable at par bearing

5 %

coupons payable annually are sold eleven years before maturity to

yield

7.4 %

compounded quarterly. What is the premium or discount and the purchase price of the bonds?

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