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Jack bought a 4 % coupon bond three years ago for $ 9 5 0 . The bond pays interest semiannually and has a face

Jack bought a 4% coupon bond three years ago for $950. The bond pays interest semiannually and has a face value of $1200 with a maturity date of 10 years (starting from the time of purchase). Jack just sold the bond to Adam. If Adam negotiated for a 3.53% per year return for the rest of the bond period of 7 years, calculate:a. How much Adam bought the bond for?b. Jack's rate of return on the bond.

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