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A bond is issued at a price of $500 and pays a interest of $40 per year for the next 7 years. If the interest

A bond is issued at a price of $500 and pays a interest of $40 per year for the next 7 years. If the interest rate in the market is 9% and the bond is redeemed for a price of $550 then what is the price of the bond today

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