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It is now May 1, 2015, and Mike has just purchased a five-year U.S. government bond (FV = $1,000) with a quoted price of 93.961.

It is now May 1, 2015, and Mike has just purchased a five-year U.S. government bond (FV = $1,000) with a quoted price of 93.961. This bond has a 8-percent coupon rate, and the last semi-annual coupon payment was made on January 1, 2015.

How much will Mike actually pay for this bond?

Had this been a Canadian government bond, what would be the cash price?

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