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You wish to know the appropriate price for a security that matures in 31 years. The security has a payout of $5,453.16, which is paid
You wish to know the appropriate price for a security that matures in 31 years. The security has a payout of $5,453.16, which is paid in one lump sum at maturity. | |||||||||||
The interest rate associated with this class of security is 9.39%, and interest is compounded annually. What is the current price of this security? |
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