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4. A ten-year bond pays 6 percent annual interest rate on the semiannual basis. Also, this bond pays a face value of $1,000. If similar

4. A ten-year bond pays 6 percent annual interest rate on the semiannual basis. Also, this bond pays a face value of $1,000. If similar bonds are currently yielding 12 percent annually, what is the market value of the bond?

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