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A zero-coupon bond with face value of $4500 reaches maturity one year from today. The bond may be purchased today for $4035. Today, $11000 was
A zero-coupon bond with face value of $4500 reaches maturity one year from today. The bond may be purchased today for $4035. Today, $11000 was used to purchase shares of the bond. At the end of each year for 5 years, 90% of the proceeds from redeeming the shares of the bond are used to purchase new bond shares of the same kind. How much more is received from the bonds at time 6? Round your answer to the nearest cent.
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