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Sheridan, Inc., has outstanding bonds that will mature in six years and pay an 8 percent coupon semiannually. If you paid $1,093.30 today and your required rate of return was 5.5 percent. (Round intermediate calculations to 5 decimal places, e.g. 1.25145 and final answer to 2 decimal places, e.g. 15.25.)
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How much should you have paid for the bond?
Worth of the bond$
Did you pay the right price for the bond?
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