Question: Ten $ 8 , 0 0 0 bonds redeemable at par bearing 5 % coupons payable annually are sold eleven years before maturity to yield

Ten $8,000 bonds redeemable at par bearing 5% coupons payable annually are sold eleven years before maturity to
yield 7.4% compounded quarterly. What is the premium or discount and the purchase price of the bonds?

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