Question: John purchases a bond with a $10,000 face value, a coupon rate of 6% and a 15 year maturity. Immediately before the 4th coupon payment,

John purchases a bond with a $10,000 face value, a coupon

John purchases a bond with a $10,000 face value, a coupon rate of 6% and a 15 year maturity. Immediately before the 4th coupon payment, John sells the bond to Sally. At that time, the interest rate is 9%. What price can John expect to receive from Sally for the bond

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