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Your uncle is considering buying bonds to provide some income during retirement. He is considering purchasing a 1 0 - year bond with a yield

Your uncle is considering buying bonds to provide some income during retirement. He is considering purchasing a

10 -

year bond with a yield of

4 % .

The coupon rate is

3.6 %

and the coupons are paid semi

-

annually. What is the value of the bond?

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