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A $ 1 0 0 , 0 0 0 bond was issued on September 1 2 0 1 5 with a 5 year maturity. Coupon

A $

100, 000

bond was issued on September

1 2015

with a

5

year maturity. Coupon rate is

8 %

and the YTM is

14 %

.

.

compounded half

-

yearly. Interest is paid semi

-

annually. How much is the bond worth on

1

March

2016 ?

Please write the answer in two decimal places.

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