Nominal interest compounded quarterly

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Reference no: EM1387438

A company has issued 10-year bonds, with a face value of $1,000,000, in $1,000 units. Interest at 8% is paid quarterly. If an investor desire to earn 12% nominal interest (compounded quarterly) on $10,000 worth of these bonds, what would the purchase price have to be.?

Reference no: EM1387438

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