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Nicholas buys a 21-year bond that yields 8% per annum convertible semiannually. Coupons are paid semiannually at 7% per annum. The bond is redeemable at

Nicholas buys a 21-year bond that yields 8% per annum convertible semiannually. Coupons are paid semiannually at 7% per annum. The bond is redeemable at 91% of par value at maturity.

If the purchase price is $5202.27, find the par value of the bond.

Multiple Choice Options (rounded):

A: 5500, B: 5600, C: 5700, D: 5800, E: 5900

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