A company issued 7%, 20-year bonds with a face amount of $72 million. The market...
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A company issued 7%, 20-year bonds with a face amount of $72 million. The market yield for bonds of similar risk and maturity is 8%. Interest is paid semiannually. At what price did the bonds sell?
\begin{tabular}{l|ll} Price of bonds & $ & 64,870,000 \\ \hline \end{tabular}
