Question: 16. $_____________(rounded to nearest dollar) A five year bond issue with a total face amount of $1,000,000 bears interest at the rate of 7.5%. The

16. $_____________(rounded to nearest dollar) A five year bond issue with a total face amount of $1,000,000 bears interest at the rate of 7.5%. The current market rate of interest is 7.6%. Determine the issue price of this annual bond.

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