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Renfro Rentals issued a bond a few years ago that has a par value equal to R1 0...
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Renfro Rentals issued a bond a few years ago that has a par value equal to R1 000 and pays investors R30 interest every six months. The bond has eight years remaining until maturity. If you require a 7% rate of return to invest in this bond, what is the maximum price you should be willing to pay to purchase the bond?
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