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11. (8 points) A 7 year bond with face value of $2,500 with a coupon rate of 14% payable semiannually is sold to yield 7.2%

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11. (8 points) A 7 year bond with face value of $2,500 with a coupon rate of 14% payable semiannually is sold to yield 7.2% convertible semiannually. The discount on the bond is $285. Find the price of the bond. Hint: do not assume the bond redeems at par

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