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Thomas Taylor just received a cash gift from his grandfather. He plans to invest in...

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Thomas Taylor just received a cash gift from his grandfather. He plans to invest in a five-year bond issued by Sandhill Corp. that pays an annual coupon rate of 5.5 percent. If the current market rate is 10.00 percent, what is the maximum amount Thomas should be willing to pay for this bond? (Round answer to 2 decimal places, e.g. 15.25.) Thomas should pay $

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