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After holding the notes for 30 days, you decide to sell the notes on the seconda...

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After holding the notes for 30 days, you decide to sell the notes on the secondary market.

Another investment fund, Eastern Cross Securities, wishes to buy your notes and they have a yield of 4% p.a.

What is the price that they will pay?

(hint: ID the values for substitution into the discount security formula. FV = Face Value, it does not change. y = buyer's yield, this has changed. n = number of days to maturity. The original notes had 90 days to maturity. You have held this for 30 days. How many days to maturity remain?)

(enter your answer without $ or , to 2 decimal places)

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