Question: On August 10, 2016, Allison purchased two bond certificates with a face value of $5000 each issued by Enbridge Pipeline Corp. Bonds from this company

On August 10, 2016, Allison purchased two bond certificates with a face value of $5000 each issued by Enbridge Pipeline Corp. Bonds from this company currently in the market have a semi-annual coupon rate of 6.5 percent and mature on June 11, 2029. The required market rate for a bond of this type is 4.44 percent. Calculate the cash price of the bond.

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