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At what price must the state sell its bonds

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Reference no: EM133030054

Question - TIME VALUE - An Iowa state savings bond can be converted to $250 at maturity 7 years from purchase. If the state bonds are to be competitive with U.S. savings bonds, which pay 8% annual interest (compounded annually), at what price must the state sell its bonds? Assume no cash payments on savings bonds prior to redemption. Ignore Taxes.

Reference no: EM133030054

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