A 1000 par-value 15-year bond has semiannual coupons of 60 each. This bond is callable at any
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A 1000 par-value 15-year bond has semiannual coupons of 60 each. This bond is callable at any of the last 10 coupon dates.
Find the price an investor should pay to guarantee a semiannual yield rate of
(a) 7%;
(b) 5%;
(c) 6%.
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