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A $500, 8% bond is purchased on February 1, 2004, to yield 10% compounded semi-annually. The interest on the bond is payable on February 1
A $500, 8% bond is purchased on February 1, 2004, to yield 10% compounded semi-annually. The interest on the bond is payable on February 1 and August 1 each year. Find the purchase price if the bond is redeemable at face value on February 1, 2014.
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