It has a base amount equal to 18450 when purchased to yield, Financial Management

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It has a base amount equal to 18450 when purchased to yield

A $20,000 bond has annual coupons and is redeemable at the end of fourteen years for $22,600. It has a base amount equal to $18,450 when purchased to yield 6%. Find its base amount if it were purchased to yield 7%.

Please show steps and use formulas. No Excel

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Financial Management: It has a base amount equal to 18450 when purchased to yield

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