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What would the purchase price have to be

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A McCurdy Inc has issued a 10 year bonds with a face value of $500000 in $1000 units. Interest of 8% annually is paid monthly. If you as an investor desire to have a 12% nominal interest (compounded monthly) on $10,000 worth of bonds, what would the purchase price have to be?

**Cannot use an economics calculator, can only have a graphing calc and no charts!**

Reference no: EM13893323

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