Question: 10.A bond has a face value (same as its redemption value) of $20,000. The bond matures in 5 years, through which the bond-holder receives a

10.A bond has a face value (same as its redemption value) of $20,000. The bond matures in 5 years, through which the bond-holder receives a fixed return of $500 every six months. What should be the purchase price of this bond now if MARR = 8% per year compounded annually?

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