Union local school district has bonds outstanding with a, Ask an Expert

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Union Local School District has bonds outstanding with a coupon rate of 3.5 percent paid semiannually and 18 years to maturity. The yield to maturity on these bonds is 3.7 percent and the bonds have a par value of $10,000. What is the price of the bonds? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

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