Question: What is the implicit (dollar) interest for the first year of an American Century bond currently valued at $635.66? Note: This American Century bond pays

What is the implicit (dollar) interest for the first year of an American Century bond currently valued at $635.66? Note: This American Century bond pays no coupons but will pay $1,000 when it matures in 21 years.

Multiple Choice

$3.85
$6.93
$7.04
$7.70
$13.86

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