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Question(s) / Instruction(s):

A bond traded at 102½ 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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