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A 12-year 6% bond with a face value of $200,000 and a redemption value of $180,000.00 is issued on November 28, 2017, and can be

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A 12-year 6% bond with a face value of $200,000 and a redemption value of $180,000.00 is issued on November 28, 2017, and can be redeemed (at the discretion of the issuer) on any coupon date in 2021, 2023, 2025, or on maturity on November 28, 2029. Find how much an investor should pay for the bond on the date it is issued in order to have a minimum yield of 6.5%. [Hint: Find the modified coupon rate g ]

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