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Problem # 3 : There is a bond on a company's books with an original term of 1 0 years that was purchased for a

Problem # 3: There is a bond on a company's books with an original term of 10 years that was purchased for a premium at its
issuance, just over 2 years ago. The bond pays semi-annual interest. With the receipt of the latest coupon, the
corresponding amount for amortization of the premium was $412.00. Exactly one year ago, the amount for
amortization of the premium was $376.56. Based on the relation between subsequent amounts for amortization of
the principal, what was the original value of the premium?
Problem #3:
Answer correct to 2 decimals.
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