Manuel bought a $100,000 bond with a 4% coupon for $92,300 when it had five years remaining

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Manuel bought a $100,000 bond with a 4% coupon for $92,300 when it had five years remaining to maturity. What was the prevailing market rate at the time Manuel purchased the bond? (Taken from CIFP course materials.)

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Business Mathematics In Canada

ISBN: 978-0070009899

7th edition

Authors: Ernest Jerome

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Manuel bought a $100,000 bond with a 4% coupon for $92,300 when it had five years remaining

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Business Mathematics In Canada

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