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Engineering economics A 15-yr municipal bond was issued 5 yrs ago; the coupon interest rate is 8%, paid semi-annually. Face value is $1000. What is

image text in transcribedEngineering economics
A 15-yr municipal bond was issued 5 yrs ago; the coupon interest rate is 8%, paid semi-annually. Face value is $1000. What is the bond's price if the market rate is 12.36% (1)2 1.1236, so (1 i) 1.06 1-6% effective semiannual interest rate PW-40(P/A , 6%, 20) + 1000(P/F, 6%, 20) PW $770.6 1 ID 2 5-14 PMT 40 PV FV Solve for Answer 1000 6% 20 PV $770.60

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