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Gary King just received a cash gift from his grandfather. He plans to invest in a five-year bond issued by Cullumber Corp. that paysan annual

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Gary King just received a cash gift from his grandfather. He plans to invest in a five-year bond issued by Cullumber Corp. that paysan annual coupon rate of 6.0 percent. If the current market rate is 7.50 percent, what is the maximum amount Gary should be willing to pay for this bond? (Round answer to 2 decimal places, e.g. 15.25.)

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