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On Jan. 1 , 2 0 2 3 , an investor purchases the following bond, when the market rate of interest is 8 % :

On Jan.

1, 2023,

an investor purchases the following bond, when the market rate of interest is

8 %

: $

100, 000 10 -

year bond at

6 % .

By Dec.

31, 2023,

the market rate has fallen to

7 % .

How much more or less

(

specify

)

interest income will the investor receive on Dec.

31, 2023

as a result of the decrease in the market rate?

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