chapter 16 Q21

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Bond Valuation. Mia wants to invest in Treasury bonds that have a par value of $20,000 and a coupon rate of 6.5%. The bonds have a 15 -year maturity, and Mia requires a 6% return. How much should Mia pay for her bonds, assuming interest is paid annually? The amount Mia should pay for the bonds is $ cent.) (Round to the nearest tion 19