How much should he be willing to pay

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Wes is exploring adding in fixed-income into his investment portfolio. He knows that the redemption value is $1,000 for most bonds, and they offer semi-annual payments. However, he's not sure how much he should be willing to pay for a 3% 5 year corporate bond if his required rate of return is 8%. How much should he be willing to pay?

Reference no: EM132484888

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