What is the maximum amount pierre should be willing to pay, Financial Management

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What is the maximum amount pierre should be willing to pay

What is FV in this equation?

Pierre Dupont just received a cash gift from his grandfather. He plans to invest in a five-year bond issued by Venice Corp. that pays an annual coupon of 4.89 percent. If the current market rate is 7.32 percent, what is the maximum amount Pierre should be willing to pay for this bond?

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Financial Management: What is the maximum amount pierre should be willing to pay

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