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4. A 5-year amortizing security with a par value of $10,000 and a coupon rate of 5% has an expected cash flow of $2,309.75 per
4. A 5-year amortizing security with a par value of $10,000 and a coupon rate of 5% has an expected cash flow of $2,309.75 per year assuming that there are no prepayments. The annual cash flow includes interest and principal repayment. What is the present value of this amortizing security assuming a discount rate of 6%? Assume annual payments
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