Determine the redemption value compounded monthly

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Face value of a bond with monthly coupons is $1000. The coupon rate is a nominal annual rate of 4.8% compounded monthly. The yield rate is a nominal annual rate of 3.6% compounded monthly. The bond has a 3 year term , and the amount of principal (premium) in the 9th coupon payment is $8.84. Find the redemption value.

Reference no: EM13335737

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