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William Brown just received a cash gift from his grandfather. He plans to invest in a five-year bond issued by Oriole Corp. that pays an

William Brown just received a cash gift from his grandfather. He plans to invest in a five-year bond issued by Oriole Corp. that pays an annual coupon rate of 4.5 percent. If the current market rate is 9.00 percent, what is the maximum amount William should be willing to pay for this bond?

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