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A $120,000 bond bearing interest at 6.5% payable annually is bought nine years before maturity to yield 7% compounded quarterly. If the bond is redeemable
A
$120,000
bond bearing interest at
6.5%
payable
annually
is bought
nine
years before maturity to yield
7%
compounded
quarterly.
If the bond is redeemable at par, what is the purchase price?
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Financial Institutions Management A Risk Management Approach
Authors: Anthony Saunders, Marcia Cornett
6th Edition
0077211332, 9780077211332
