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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 $10,000 bond with exactly one year left until redemption. Its coupon rate is 8 percent per annum. The current rate of interest on similar bonds is 5 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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