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Abbott, Inc., plans to issue $500,000 of ten percent bonds that will pay interest semiannually and...

Abbott, Inc., plans to issue $500,000 of ten percent bonds that will pay interest semiannually and mature in five years. Assume that the effective interest rate is 12 percent per year compounded semiannually. Calculate the selling price of the bonds.

Round answers to the nearest whole number.

Selling price of bonds is $
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