20. 4.24 An investor believes that future stock market returns are going to decline. Therefore, he decided to invest in some fixed-income securities. He paid $19,000 for a corporate bond with a face value of

$20,000. The bond has an interest rate of 10% per year payable yearly.

If the investor plans to sell the bond immediately after receiving the fourth dividend payment, what is the minimum he will have to receive in order to make a return of 14% per year? Solve using

(a) tabulated factors, and

(b) the GOAL SEEK tool on a spreadsheet.Page 131