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A 5%-coupon, interest-only, 30 -year Treasury Bond is an asset that makes semiannual payments (that is, two payments a year) of $25 for 30 years.

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A 5%-coupon, interest-only, 30 -year Treasury Bond is an asset that makes semiannual payments (that is, two payments a year) of $25 for 30 years. How much is such a bond worth now under an (annual) opportunity cost of capital of 3% ? (Round your answer to the nearest cent)

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