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Joseph Moore just received a cash gift from his grandfather. He plans to invest in a five-year bond issued by Carla Vista Corp. that pays

Joseph Moore just received a cash gift from his grandfather. He plans to invest in a five-year bond issued by Carla Vista Corp. that pays an annual coupon rate of 5.0 percent. If the current market rate is 10.00 percent, what is the maximum amount Joseph should be willing to pay for this bond? (Round answer to 2 decimal places, e.g. 15.25.)

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