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Four years ago you bought a 2 5 - year 8 . 5 % $ 1 , 0 0 0 bond. The bond pays interest
Four years ago you bought a year $ bond. The bond pays
interest each months. You want to sell the bond. You just received
the semiannual interest payment of periodic
rate $ Similar bonds are being issued that pay
semiannually. What is your bond worth today?
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