ZBD Inc is issuing a 20-year bond with a par value of $1,000.  The bond will pay its holders a semi-annual coupon at a rate of 9.5% APR compounded

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter6: Fixed-income Securities: Characteristics And Valuation
Section: Chapter Questions
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ZBD Inc is issuing a 20-year bond with a par value of $1,000.  The bond will pay its holders a semi-annual coupon at a rate of 9.5% APR compounded semi-annually?  What is the value of each coupon payment?

Enter solution in dollars and cents, rounded to nearest cent.

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