Ten bonds are purchased for $9,855. They are kept for 5 years and coupon payments are received at the end of each of the 5 years.
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Ten bonds are purchased for $9,855.57. They are kept for 5 years and coupon payments are received at the

end of each of the 5 years. Immediately following the owner's receipt of the 5th coupon payment, the owner sells each bond for $50 less than its par value. The bond coupon rate is 8%, and the owner's money yields a 10% annual return. Determine the face value of each bond

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