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XYZ Company issues 5,000,000 par value bonds with a contract rate of 5.0%. These bonds pay interest annually and will mature in 8 years. If

XYZ Company issues 5,000,000 par value bonds with a contract rate of 5.0%. These bonds pay interest annually and will mature in 8 years. If the current market rate is 4.0%, what price would XYZ expect to receive for these bonds?

Please round your answer to the nearest whole number and do not use dollar signs.

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