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A $14,000 bond with a coupon rate of 8.50% is purchased 9 years before maturity when the yield rate was 4.50% compounded semi-annually. The bond

A $14,000 bond with a coupon rate of 8.50% is purchased 9 years before maturity when the yield rate was 4.50% compounded semi-annually. The bond coupons are paid every six months. Calculate the purchase price of the bond.

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