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A $130,000 bond bearing interest at 5% payable semi-annually is bought seven years before maturity to yield 4.45% compounded quarterly. If the bond is redeemable
A
$130,000
bond bearing interest at
5%
payable
semi-annually
is bought
seven
years before maturity to yield
4.45%
compounded
quarterly.
If the bond is redeemable at par, what is the purchase price?The purchase price of the bond is
$nothing.
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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