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3. A $1,000 bond with a coupon rate of 6.4% payable semiannually is redeemable after an unspec- ified number of years at $1.250. The bond

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3. A $1,000 bond with a coupon rate of 6.4% payable semiannually is redeemable after an unspec- ified number of years at $1.250. The bond is bought to yield 11% convertible semiannually If the present value of the redemption value is $349 at this yield rate, find the purchase price

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