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A $20,000,6% bond redeemable at par with interest payable annually is bought 9 years before maturity. Determine the premium or discount and the purchase price

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A $20,000,6% bond redeemable at par with interest payable annually is bought 9 years before maturity. Determine the premium or discount and the purchase price of the bond if the bond is purchased to yield (a) 7% compounded annually: (b) 5% compounded annually

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