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Justin s grandfather left him a $ 1 0 , 0 0 0 bond with exactly one year left until redemption. Its coupon rate is
Justins grandfather left him a $ bond with exactly one year left until redemption. Its coupon rate is percent per annum. The current rate of interest on similar bonds is percent. Unfortunately, Justin has to sell this bond to raise money for tuition next semester. Ignoring brokerage fees and other transaction costs, approximately how much will Justin get for his bond?
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