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A $7100 bond bearing interest at 3.5% payable semi-annually is due in 8 years. Money is worth 6.9% compounded semi-annually. What is the bond rate?

A $7100 bond bearing interest at 3.5% payable semi-annually is due in 8 years. Money is worth 6.9% compounded semi-annually. What is the bond rate? a. 6.9% compounded semi-annually b. 3.5% payable semi-annually

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