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A $ 100 000, 8% bond redeemable at par with quarterly coupons is purchased to yield 6.5% compounded quarterly. Find the premium or discount and

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A $ 100 000, 8% bond redeemable at par with quarterly coupons is purchased to yield 6.5% compounded quarterly. Find the premium or discount and the purchase price if the bond is purchased (a) fifteen years before maturity; (b) five years before maturity

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