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Competitive value at the time of sale

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Rob buys a 30-year coupon bond with a $250,000 face value at a time when the interest (coupon) rate is 5%. In just under 5 years (so just before the 3rd coupon payment) he sells the bond to a neighbor. At that time the interest rate is 3%. How much is the bond's approximate (within $1000) competitive value at the time of sale?

Reference no: EM132577105

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