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After 5 years (immediately after the 10th coupon is paid), Andrew decides to sell a 20 year bond with a par value of $10,000 that will mature for $10,500. The coupon rate is 8% convertible semiannually. Interest rates have changed such that the price of the bond at the time of the sale is priced using a yield rate of 10% convertible semiannually. Calculate the selling price. (Round answer to nearest cent.)

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92744092

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