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Kp inc just received a cash gift from his grandfather. He plans to invest in a five-year bond issued by Palmi Corp that pays an

Kp inc just received a cash gift from his grandfather. He plans to invest in a five-year bond issued by Palmi Corp that pays an annual coupon of 5.5 percent. If the current market rate is 7.25 percent, what is the maximum amount KP Inc should be willing to pay for this bond

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