Question: A 1 0 - year, 9 . 0 4 % bond, issued by Cheap Motors Manufacturing on January 1 , 2 0 2 0 ,

A 10-year, 9.04% bond, issued by Cheap Motors Manufacturing on January 1,2020, matures on December 31,2029. If investors require an 8% return, how much should they be willing to pay on January 1,2024? The face value of the bond is $10,000 and interest is paid annually.

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