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9. (6%) Selma purchased a 1000 bond redeemable at par that pays 8% semiannual coupons and matures in 10 years. The bond will yield 7%

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9. (6%) Selma purchased a 1000 bond redeemable at par that pays 8% semiannual coupons and matures in 10 years. The bond will yield 7% convertible semiannually to maturity. Find the minimum redemption value she needs to be paid to realize the same yield if the bond is sold after 7 years

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