Question: Suppose a 16-year bond has face and redemption value $23128, a nominal annual coupon rate of 3% compounded semiannually, and a nominal annual yield of

Suppose a 16-year bond has face and redemption value $23128, a nominal annual coupon rate of 3% compounded semiannually, and a nominal annual yield of 5% compounded semiannually. Find the price of the bond on the issue date.

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