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Determine the purchase price at the indicated time before maturity of the following bond redeemed...

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Finance

Determine the purchase price at the indicated time before maturity of the following bond redeemed at par shown in the table below.

Par Value

Bond Rate Payable Semi-Annually

Time Before Redemption

Yield Rate

Conversion Period

$36,000

8%

9.5 years

7.5%

monthly

The purchase price of the bond is $____.

(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

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