3. A 20 year, $1,000 bond with coupons of 3% per year payable semi-annually matures at par. The bond is purchased to yield 5% compounded semi-annually for the first 10 years and 4% thereafter. Calculate the accumulation of discount for payment 5. A B E 4.98 5.10 5.23 5.36 5.49 : BON

A 20 year, $1,000 bond with coupons of 3% per year payable semi-annually matures at par. The bond is purchased to yield 5% compounded semi-annually for the first 10 years and 4% thereafter. Calculate the accumulation of discount for payment 5 . \begin{tabular}{cc} A & 4.98 \\ B & 5.10 \\ C & 5.23 \\ \hline B & 5.36 \\ \hline B & 5.49 \end{tabular}