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8) A one-year discount bond with a face value of $1,000 has an interest rate of 4%. What is its price? A) $960 B) $961.54

8) A one-year discount bond with a face value of $1,000 has an interest rate of 4%. What is its price? A) $960 B) $961.54 C) $996 D) $1,040

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