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The following information relates to a redeemable debenture: Nominal value: R1. Interest at 15% per annum payable on 31 December each year. Redeemable at 20%

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The following information relates to a redeemable debenture: Nominal value: R1. Interest at 15% per annum payable on 31 December each year. Redeemable at 20% premium on 31 December 1999. Fair rate of return: 10% Required: Value the debenture at 31 December 1991

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