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The British government has an outstanding perpetual bond (aka consol) paying $100 per quarter forever. Assuming an effective annual rate (EAR) of 4.0604%, the value

The British government has an outstanding perpetual bond (aka consol) paying $100 per quarter forever. Assuming an effective annual rate (EAR) of 4.0604%, the value of the bond immediately before a payment is made is closest to ________.

a. $9,851

b. $10,100

c. $9,951

d. $10,000

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