Sixty $1000 bonds redeemable at par bearing 4.0% coupons payable semi-annually are sold seven years before maturity

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Sixty $1000 bonds redeemable at par bearing 4.0% coupons payable semi-annually are sold seven years before maturity to yield 5.5% compounded semiannually. What is the purchase price of the bonds?
Maturity
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...
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Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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