Question: Seaside issues a bond that has a stated interest rate of 11%, face amount of $40,000, and is due in 8 years. Interest payments are

Seaside issues a bond that has a stated interest rate of 11%, face amount of $40,000, and is due in 8 years. Interest payments are made semi-annually. The market rate for this type of bond is 12%. What is the issue price of the bond?

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