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A 5 - year maturity, zero - coupon bond with par value of $ 1 , 0 0 0 is callable at the beginning of

A 5-year maturity, zero-coupon bond with par value of $1,000 is callable at the beginning of each year at a call price of $400. The market interest rate is 100% annually. Assuming that the bond was issued at the beginning of year 0, when (or in which year) would the issuer redeem the bond?

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