A $8,500 bond had a coupon rate of 5.75% with interest paid semi-annually. Christopher purchased this bond when there were 8 years left to maturity and when the market interest rate was 6.00% compounded semi-annually. She held the bond for 3 years, then sold it when the market interest rate was 5.50% compounded semi- annually. a. What was the purchase price of the bond? 48,365.25 Ⓒ Round to the nearest cent b. What was the selling price of the bond? $0.00

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