Question: A bond matures in 15 years; at which time it pays the owner $1,000. It also pays $70 (or 7% stated rate) at the

A bond matures in 15 years; at which time it pays the owner $1,000. It also pays $70 (or 7% stated rate) at the end of each of the next 15 years. If similar bonds are currently yielding 6%, what is the market value of the bond?

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