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The face value of a bond is $67,000 , its stated rate is 7%, and the term of the bond is five years. The bond

The face value of a bond is $67,000, its stated rate is 7%, and the term of the bond is five years. The bond pays interest semiannually. At the time ofissue, the market rate is 8%. Determine the present value of the bonds at issuance.

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