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Nigel owns an 8%, $10,000 semi-annual bond with 3 years remaining to maturity. If the yield on new 3-year bonds of comparable quality is 6%,

Nigel owns an 8%, $10,000 semi-annual bond with 3 years remaining to maturity. If the yield on new 3-year bonds of comparable quality is 6%, what is the present value of Nigel's bond in the secondary market?

A) $10,541.72

B) $10,534.60

C) $9,484.58

D) $10,000.00

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