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Use simple interest to calculate the cash price of the following bond: 5,000 USD, 8% bond with semi-annual coupons payable April 1 and October 1.

Use simple interest to calculate the cash price of the following bond:

5,000 USD, 8% bond with semi-annual coupons payable April 1 and October 1.

The bond is purchased on August 25 at 104.75 (%).

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