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Return on Bonds. Timothy has an opportunity to buy a $2,000 par value municipal bond with a coupon rate of 6% and a maturity of

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Return on Bonds. Timothy has an opportunity to buy a $2,000 par value municipal bond with a coupon rate of 6% and a maturity of five years. The bond pays interest annually. If Timothy requires a return of 7%, what should he pay for the bond? ir Timothy requires a return of 7% the amount he should pay for the bond iss/ Round to the nearest cent

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