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Present value of bond?
On January 1, 2021, James Bond Inc. issued bonds with a par value of $500,000 that mature in 2 years. The interest on the bond is paid quarterly, on March 31, June 30, September 30, and December 31 of every year. The coupon rate is 6%. The market interest rate for similar bonds is 8%. The present value of the bond is closest to?
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