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A $1000 par value 6% bond matures in 8 years and has semiannual payments. If it is purchased for $1250, the yield rate will be

A $1000 par value 6% bond matures in 8 years and has semiannual payments. If it is purchased for $1250, the yield rate will be 7% convertible semiannually. Find the redemption value for this bond.

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