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Forever Savings Bank also purchases municipal bonds issued by the city of Richmond Currently the bank is considering a nonqualified general obligation municipal issue The bonds which mature in

Forever Savings Bank also purchases municipal bonds issued by the city of Richmond. Currently the bank is considering a nonqualified general obligation municipal issue. The bonds, which mature in 15 years, provide a nominal annual rate of return of 9.75 percent. Forever Savings Bank has the same cost of funds and tax rate as stated in the previous problem.
 

May 10 2020 View more View Less

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