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A $20,000 bond is redeemable at par in 10 years. This bond has coupons payable quarterly and the quarterly coupon amount is $400. What is

A $20,000 bond is redeemable at par in 10 years. This bond has coupons payable quarterly and the quarterly coupon amount is $400. What is the current market value of the bond if it is priced to yield j₂= 6%? (Answer to the nearest dollar)

Select one:

a. $21,040

b. $17,025

c. $20,000

d. $23,064

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