Question: Tim purchased a $ 1 , 0 0 0 face value bond for $ 8 7 0 and earned an effective annual rate of 8

Tim purchased a $1,000 face value bond for $870 and earned an effective annual rate of 8.84% on his investment. If the bond matured after a 15-year period and paid coupons every quarter, the coupon payment Tim received every quarter was closest to ...

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