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Assume the zero-coupon yields on default-free securities are as summarized in the following table: 1 year 3 years Maturity Zero-Coupon Yields 2 years 5.70% 4
Assume the zero-coupon yields on default-free securities are as summarized in the following table: 1 year 3 years Maturity Zero-Coupon Yields 2 years 5.70% 4 years 6.40% 5 years 6.70% 5.30% 6.10% What is the price of a five-year, zero-coupon default-free security with a face value of $1,000? The price is $. (Round to the nearest cent.)
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