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The true AK-47 shoots the 7.62x39 round.
That round comes loaded with FMJ (full metal jacket), FMJBT (full metal jacket boat tail), HP (hollow point) SP (soft point), you may find some old rounds that are TR (tracer), and AP (armor piercing) that have a steel core.
Here is a little more info on the 7.62x39 round.
http://www.ak-47.us/JAFreeman/AK_ammo_identification.php
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