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A $25,000, 4% bond redeemable at par with interest payable annually is bought six years...

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Question

Accounting

A $25,000, 4% bond redeemable at par with interest payable annually is bought six years before maturity. Determine the premium or discount and the purchase price if the bond is purchased to yield

a)2% compounded annually

b) 6% compounded annually

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