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What is the maximum amount mark should be willing to pay

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Mark Harris just received a cash gift from his grandfather. He plans to invest in a five-year bond issued by Cullumber Corp. that pays an annual coupon rate of 4.5 percent. If the current market rate is 7.50 percent, what is the maximum amount Mark should be willing to pay for this bond? (Round answer to 2 decimal places, e.g. 15.25.)

Mark should pay$ ( )

Reference no: EM132145642

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