Time value An lowa state savings bond can be converted to $500 at maturity 23 years from purchase. If the state bonds are to be competitive with US savings bonds, which pay 9% 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 $ (Round to the nearest cant) Enter your answer in the answer box 100% Type here to search O DI 100% 3:10 PM W/11/2020