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A $4,000,000 issue of eleven-year bonds redeemable at par offers 9% coupons payable annually. What is the issue price of the bonds to yield 7.7%

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A $4,000,000 issue of eleven-year bonds redeemable at par offers 9% coupons payable annually. What is the issue price of the bonds to yield 7.7% compounded semi-annually? The issue price of the bond is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

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