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What is the maximum amount

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Chris Anderson just received a cash gift from his grandfather. He plans to invest in a five-year bond issued by Wildhorse Corp. that pays an annual coupon rate of 6.0 percent. If the current market rate is 9.00 percent, what is the maximum amount Chris should be willing to pay for this bond? (Round answer to 2 decimal places, e.g. 15.25.)

Reference no: EM132901842

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