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We demonstrate a method of acoustooptically computing the bispectrum. To do this we analyze a Mach-Zender interferometer with two acoustooptical modulators in one arm and one modulator in the other arm and show that the peak-to-peak fringe intensity is proportional to the magnitude of the bispectrum of the rf signals input to the modulators. An image processing system is used to subtract the noninterference terms. The experimental results exhibit excellent agreement with the theoretical values for the bicoherence, which is a normalized bispectrum.