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2. The Magnito Corporation issued a new series of bonds on January 1, 2015. It had a 12 percent coupon, required rate of return 10%

2. The Magnito Corporation issued a new series of bonds on January 1, 2015. It had a 12 percent coupon, required rate of return 10% and matures in 30 years. If coupon payments are made semiannually, what is the price of the bond? (5)

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