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Today you sold a bond that you had owned for 4 years. The bond has...

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Finance

Today you sold a bond that you had owned for 4 years. The bond has a par value of $10,000 and a 3% annual coupon. When you sold it for $10,700, it still had 8 years to maturity. Interest rates had dropped 0.5% from the time you purchased the bond (I.e. they are lower today than when you purchased the bond). What did you originally pay for the bond?

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