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Jim wishes to retire at age 55. He is concerned that her money might run out so she decides to invest in a Canadian perpatuity

Jim wishes to retire at age 55. He is concerned that her money might run out so she decides to invest in a Canadian perpatuity bond paying 4.75% interest. The bond pays an annual dividend of $70. How much should Jane pay for the bond? Give your answer to two decimal places. (xx.xx)

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