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(1 point) A$800000 bond pays interest at j12=9% redeemable at 98 in 20 years. John buys the bond to yield j12=11% and strips the coupons

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(1 point) A$800000 bond pays interest at j12=9% redeemable at 98 in 20 years. John buys the bond to yield j12=11% and strips the coupons to sell the remaining strip bond to Steven, who yields j12=8%. What is John's total profit achieved by this investment? Answer: $

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