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A buyer purchases a $ 1 0 0 0 face value bond that pays a 5 % coupon on January 1 and July 1 st

A buyer purchases a $

1000

face value bond that pays a

5 %

coupon on January

1

and July

1

st of each year. He buys the bond on February

2

for $

980 .

What

s the buyer

s total outlay?

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