Twenty $1000 bonds redeemable at par bearing 6% coupons payable quarterly are sold eight years before...

  

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Twenty $1000 bonds redeemable at par bearing 6% coupons payable quarterly are sold eight years before maturity to yield 5.5% compounded annually. What is the purchase price of the bonds? Twenty $1000 bonds redeemable at par bearing 6% coupons payable quarterly are sold eight years before maturity to yield 5.5% compounded annually. What is the purchase price of the bonds?