Problem
Contributed by Meenakshi Sundaram, Tennessee Tech University
A Treasury bond with a face value of $5000 and a coupon rate of 6% payable semiannually was bought by Kirt when the market's nominal rate was 8%. The bond matures 20 years from now. What did Kirt pay for the bond?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.