Why would an investor be willing to pay $76.04 today in exchange for a promise to receive

Question:

Why would an investor be willing to pay $76.04 today in exchange for a promise to receive $100 in the future? The Question refer to a stripped coupon issued by the Province of Ontario.

Coupon
A coupon or coupon payment is the annual interest rate paid on a bond, expressed as a percentage of the face value and paid from issue date until maturity. Coupons are usually referred to in terms of the coupon rate (the sum of coupons paid in a...

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