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A $1000 par value15-year bond with annual coupons is bought to yield an annual effective rate of 5%. The write-up in the 8th year is

A $1000 par value15-year bond with annual coupons is bought to yield an annual effective rate of 5%. The write-up in the 8th year is $9.00. How much did the bond cost? (Answer: $862)

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