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A bond with a face value of $ 2 2 comma 0 0 0 and a 5 . 5 % interest rate ( compounded semiannually

A bond with a face value of

22

comma

000

and a

5.5 %

interest rate

(

compounded semiannually

)

will mature in

20

years. What is a fair price to pay for the bond

today?

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