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Three years ago, Tristan bought a 30-year, 5.45%, $1,000 bond. The bond pays interest semiannually. He wants to sell the bond after receiving the sixth

Three years ago, Tristan bought a 30-year, 5.45%, $1,000 bond. The bond pays interest semiannually. He wants to sell the bond after receiving the sixth semiannual dividend.

a) Similar bonds are being issued that pay 4%. What is Tristans bond worth today? (Round your answer to the nearest cent.)

b) Similar bonds are being issued that pay 6%. What is Tristans bond worth today? (Round your answer to the nearest cent.)

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