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A city is spending $48 million on a new sewage system. To cover the cost, the city/will issue bonds with a face value of $25,000, paying 9% interest per year, and at face value in 34 year. If an investor's personal MARA is 14% 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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