Calculate the issue price of the bonds on july

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Reference no: EM13128770

On July 1, 2008, Utah Corporation issued $20 million of 8.21%, twenty-year bonds. Interest on the bonds is paid semiannually on December 31 and June 30 of each year, and the bonds were issued when the market interest rate was 7.98%. Please round your answers to the nearest whole dollar.

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Compute the issue price of the bonds on July 1, 2008.

Reference no: EM13128770

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