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Your company purchases a $20,000 bond from a local municipality. The bond matures 1 year from the date of issue and is issued at PAR

Your company purchases a $20,000 bond from a local municipality. The bond matures 1 year from the date of issue and is issued at PAR - stated rate is 10%. The market rate for similar bonds is 10%. Assuming an efficient market for bonds, what is the purchase price of this bond? (Review section of notes about bonds)

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