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1) What is the value of a 4%, 25-year bond with a face (and redemption) value of $11,000 that pays dividends quarterly, if the purchaser

1) What is the value of a 4%, 25-year bond with a face (and redemption) value of $11,000 that pays dividends quarterly, if the purchaser wishes to earn an 5% return? (14 p.)

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