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A $18,000, 6.6% bond redeemable at par is purchased 6 years before maturity to yield...

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Finance

A $18,000, 6.6% bond redeemable at par is purchased 6 years before maturity to yield 9.4% compounded semi-annually. If the bond interest is payable semi-annually, what is the purchase price of the bond?

(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

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