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Anthony Walker just received a cash gift from his grandfather. He plans to invest in a...

Anthony Walker just received a cash gift from his grandfather. He plans to invest in a five-year bond issued by Sandhill Corp. that pays an annual coupon rate of 4.0 percent. If the current market rate is 8.50 percent, what is the maximum amount Anthony should be willing to pay for this bond? (Round answer to 2 decimal places, e.g. 15.25.)

Anthony should pay ?
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