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A $1,000 bond with a coupon rate of 4% has quarterly coupons and is redeemable after an unspecified number of years at $954. The bond

A $1,000 bond with a coupon rate of 4% has quarterly coupons and is redeemable after an unspecified number of years at $954. The bond is bought to yield 11% convertible semiannually. If the present value of the redemption amount is $354.30, find the purchase price using the Makeham formula. Then check your answer using another price formula. (Round your answer to the nearest cent.)

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