On January 1st Julie bought a 7-year, zero coupon bond with a face value of $1,000 and a yield to maturity of 5.60%. Assume that Julie's tax rate is 25.00%. How much tax will Julie have to pay on the bond the first year she owns it? Do not round your intermediate calculations.
A. $9.94
B. $11.38
C. $10.80
D. $9.56
E. $8.13
Answer: D
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What will be an ideal response?
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