A ten-year 5% bond with semiannual coupons is purchased to yield 6% compounded semiannually. The...
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Finance
A ten-year 5% bond with semiannual coupons is purchased to yield 6% compounded semiannually.
The par value and redemption value are both $1,000. What is the book value of the bond six years after issue of the bond?
A. Less than $960
B. At least $960, but less than $965
C. At least $965, but less than $970
D. At least $970, but less than $975
E. At least $975
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