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Sally pays 9 , 0 0 0 for a 2 0 year 1 0 % bond with semiannual coupons. The bond is redeemed at par

Sally pays

9, 000

for a

20

year

10 %

bond with semiannual coupons. The bond is redeemed at par and has redemption amount

10, 000 .

Immediately after she receives the

16

th coupon, Sally sells the bond to Jack for a price of P

.

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