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What is the fair market value of the bond

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Reference no: EM133072700

A Province of Ontario bond has 14.5 years remaining until it matures.

The bond pays $231.25 interest at the end of every six months. At maturity, the bond repays its $5,000 face value in addition to the final interest payment.

What is the fair market value of the bond, if similar provincial bonds are currently providing investors with a return of 7.8% compounded semiannually? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

Fair market value of the bond $

Reference no: EM133072700

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