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11. A 3-year risk-free bond will pay $20-coupon in year 1 and year 2, and it will pay its face value of $1,000 in year

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11. A 3-year risk-free bond will pay $20-coupon in year 1 and year 2, and it will pay its face value of $1,000 in year 3. The discount-rate is 7% per annum with monthly compounding. What is the present value of the bond? [4 points]

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