A 10-year 20000 bond was issued at a nominal interest rate, Business Economics

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A 10-year 20000 bond was issued at a nominal interest rate

A 10-year, $20,000 bond was issued at a nominal interest rate of 8% with semiannual compounding. Just after the fourth interest payment, the bond will be sold. Assume that an effective interest rate of 101 /4% will apply, and calculate the price of the bond. (Answer: $17,832)

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Business Economics: A 10-year 20000 bond was issued at a nominal interest rate

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Business Economics: A 10-year 20000 bond was issued at a nominal interest rate

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