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11. GM has an outstanding bond with a $1,000 par value and 7 years to maturity. It pays semiannual interest with a coupon rate of

11. GM has an outstanding bond with a $1,000 par value and 7 years to maturity. It pays semiannual interest with a coupon rate of 5.2%. If an investor requires a return of 4.5% whats the highest priced they be willing to pay for the bond?

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