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Twenty $1 000 bonds redeemable at par bearing 6% coupons payable quarterly are sold eight years before maturity to yield 5.5% compounded annually. What is

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Twenty $1 000 bonds redeemable at par bearing 6% coupons payable quarterly are sold eight years before maturity to yield 5.5% compounded annually. What is the purchase price of the bonds? Select one: a. $17 969.05 b. $13031.98 C. $20 633.46 d. $19 861.49 e. $20 229.82

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