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A government bond is offered that pays 3 % annually to the holder indefinitely. If the income received is invested at 4 . 7 %

A government bond is offered that pays

3 %

annually to the holder indefinitely. If the income received is invested at

4.7 %

interest

(

compounded continuously

),

what is the present value of a $

10, 000

bond?

(

Round your answer to two decimal places.

)

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