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Union Local School District has bonds outstanding with a coupon rate of 3.2 percent paid semiannually and 14 years to maturity. The yield to maturity

Union Local School District has bonds outstanding with a coupon rate of 3.2 percent paid semiannually and 14 years to maturity. The yield to maturity on these bonds is 3.8 percent and the bonds have a par value of $5,000.

What is the price of the bonds?

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