Question: Furry has in issue 12% bonds with a par value $100,000 and redemption value of $110,000, with interest payable quarterly. The redemption yield on the

Furry has in issue 12% bonds with a par value $100,000 and redemption value of $110,000, with interest payable quarterly. The redemption yield on the bonds is 8% annually and 2% quarterly. The bonds are redeemable on 30 June 2024 and it is now 30 June 2020. Calculate the market value of the bonds.

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