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You purchase a zero coupon bond with 15 years to maturity and a yield to maturity of 5.77 percent. The bond has a par value

You purchase a zero coupon bond with 15 years to maturity and a yield to maturity of 5.77 percent. The bond has a par value of $1,000. What is the implicit interest for the first year? Assume semiannual compounding.

a. $24.11

b. $21.82

c. $24.94

d. $23.94

e. $24.31

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