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Question(s) / Instruction(s):

A bond traded at 102 ½ means that:

a)            The bond pays 2.5% interest

b)            The bond traded at $1,025 per $1,000 bond

c)            The market rate of interest is 2.5%

d)            The bonds were retired at $1,025 each

e)            The market rate of interest is 2 ½% above the contract rate

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