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Last month Jim purchased $10,600 of US Treasury bonds (their face value was $10,600). These bonds have a 34-year maturity period, and they pay 1.5%
Last month Jim purchased $10,600 of US Treasury bonds (their face value was $10,600). These bonds have a 34-year maturity period, and they pay 1.5% interest every three months (ie , the APR is 6%, and Jim receives a check for $159 every three months). But interest rates for similar securities have since risen to a 12% APR because of interest rate increases by the Federal Reserve Board. In view of the interest-rate increase to 12%, what is the current value of Jim's bonds? The current value of Jim's bonds is (Round to the nearest dollar.)
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