Interest accumulates and is paid at the time the bond is, Financial Management

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Interest accumulates and is paid at the time the bond is

Your parents have discovered a $1,000 bond at the bottom of their safe-deposit box. The bond was given to you by your late great-aunt Hilda on your second birthday.

The bond pays interest at a rate of 5 percent per annum, compounded annually. Interest accumulates and is paid at the time the bond is redeemed. You are now 27 years old. What is the current worth of the bond (principal plus interest)?

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