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Ten years ago, your grandparents gifted you a 20-year, $1,000 bond. The interest rate at the time of purchase was 5%. Today, comparable bonds are

Ten years ago, your grandparents gifted you a 20-year, $1,000 bond. The interest rate at the time of purchase was 5%. Today, comparable bonds are paying 7%. Approximately how much could you sell this bond for?

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$860

$800

$918

$1,200

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