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Robert Williams just received a cash gift from his grandfather. He plans to invest in...

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Robert Williams just received a cash gift from his grandfather. He plans to invest in a five-year bond issued by Cullumber Corp. that pays an annual coupon rate of 4.0 percent. If the current market rate is 7.50 percent, what is the maximum amount Robert should be willing to pay for this bond? (Round answer to 2 decimal places, e.g. 15.25.) Robert should pay $ $ Save for Later Attempts: 0 of 3 used Submit

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