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5 - 24. Interest on a 5%,$10,000 bond, due in 20 years, is payable semiannually with the first payment 6 months from now. What should

5 - 24. Interest on a 5%,$10,000 bond, due in 20 years, is payable semiannually with the first payment 6 months from now. What should be the price of this bond to have a before-tax yield of a nominal 7% compounded semiannually? (Ans. $7,865)

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