Cosmos issued a new series of bonds on January 1, 2000. These bonds were sold...
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Cosmos issued a new series of bonds on January 1, 2000. These bonds were sold at par, have a 12 percent coupon and mature in 30 years, on December 31, 2029. Coupon payments are made on June 30 and December 31.
Assume that you purchased an outstanding Cosmos bond on March 1, 2023, when the going rate of interest was 15.5 percent. How large a check must you have written to complete the transaction?
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