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A 15 year bond has an annual coupon rate of 8% for the first 5 years, 10% for the next 5 years, and 12% for
A 15 year bond has an annual coupon rate of 8% for the first 5 years, 10% for the next 5 years, and 12% for the last 5 years. it matures at par value of 1000. the bond is bought to produce an effective annual yield rate of 10%. determine the price of the bond.
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