Question

Asked Dec 12, 2019

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Section 3.2 (27)

You want to buy a 10-year bond with a maturity value of $5000, and you wish to get a return of5.5% annually. How much will you pay?

Step 1

According to the given information

Maturity value(V) = $5000

Rate of interest (r) = 5.5% = 0.055

Time (t) = 10 years

It is required to calculate the amount to pay that is principal (P)

The formula used is:

Step 2

Now plug in the...

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