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Troomp Corporation acquired five-year bonds with a face value of $7,200,000, 14%, on their issuance date, January 1 of the current year. The market interest rate at the time of publication was 18% and interest is posted semiannually on June 30 and December 31. Troomp will use the effective interest rate method to calculate this investment. Troomp intends to hold the investment until the bonds mature. Determine the purchase price of the bond investment.
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