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1. Consider a bond that pays 7% semiannually and has 12 years to maturity. The market requires an interest rate of 4% on bonds of

1. Consider a bond that pays 7% semiannually and has 12 years to maturity. The market requires an interest rate of 4% on bonds of this risk. What is this bond's price? (10 Points) Since the coupon rate is semiannually, N=122=24

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