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Wakulima Inc. has a bond with a face value of $1,000,000 and a stated interest rate of 8%. The bond pays interest semi-annually and has

Wakulima Inc. has a bond with a face value of $1,000,000 and a stated interest rate of 8%. The bond pays interest semi-annually and has a remaining term of 5 years. The market interest rate is 6%. Calculate the bond's present value using the market interest rate.

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