The International Publishing Group is raising $10 million by issuing 15-year bonds with a coupon rate of 8.93 percent. Coupon payments will be made annually. Investors buying the bonds today will earn a yield to maturity of 8.93 percent. At what price will the bonds sell in the marketplace? Explain. (Round intermediate calculations to 4 decimal places, e.g. 1.2514 and final answer to 2 decimal places, e.g. 15.25.)

Sale value

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