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A city is spending $24million on a new sewage system. To cover the cost, the city will issue bonds with a face value of $3, 500, paying 7% interest per year, and redeemable at face value in 18 years. If an investor's personal MARR is 10% per year, what is the maximum price the investor can pay for one of the municipal bonds if the bond is held until maturity?

(Enter your answer as a number without the dollar exist sign.)

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Financial Management, Finance

Category:- Financial Management
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