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3. A $25000,11.5% bond with semi-annual coupons redeemable at par March 1,2025 , was purchased on November 15,2018 , to yield 9.5% compounded semi-annually. (20

3. A $25000,11.5% bond with semi-annual coupons redeemable at par March 1,2025 , was purchased on November 15,2018 , to yield 9.5% compounded semi-annually. (20 marks) (a) What was the purchase price of the bond? (b) Find the value of discount or premium. Mention whether the value is premium or discount

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