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11. IBM issues a 20-year bond with a face value of $1,000 and an annual coupon payment of $50 per year. Immediately after it is

11. IBM issues a 20-year bond with a face value of $1,000 and an annual coupon payment of $50 per year. Immediately after it is issued, required rates of return fall to 3% for this bond. What is the new price?

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