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Steven Garcia just received a cash from his grandfatherHe plans to invest in a five - year bond issued by Sheridan that pays annual coupon

Steven Garcia just received a cash from his grandfatherHe plans to invest in a five-year bond issued by Sheridan that pays annual coupon rate of 6.0 percentIf the current market rate is 8.00 percentwhat is the maximum amount Steven should be willing to pay for this bond? Assume face value is $1.000(Round answer to 2 decimal places15.25)

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