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Nine $10 000, 4% bonds with interest payable semi-annually and redeemable at par are purchased 8.5 years before maturity. The bonds are bought to yield
Nine $10 000, 4% bonds with interest payable semi-annually and redeemable at par are purchased 8.5 years before maturity. The bonds are bought to yield 6%. What is the purchase price of the bond?
a)9000
b)78150.49
c)11849.51
d)15667.39
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