Problem
Dean bought a $26,000 bond that has interest rate of 8% per year payable semiannually, 3 years ago. The bond has a maturity date of 12 years from the date it was issued. How much should he be able to sell the bond for today, if the current market interest rate is 10% per year, compounded semiannually?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.