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A 15-year bond redeemable at par with a face value of $1,200 pays semiannual coupons of $50 each. The bond is callable at $1,400 from

A 15-year bond redeemable at par with a face value of $1,200 pays semiannual coupons of $50 each. The bond is callable at $1,400 from the end of the 10th year and priced at $X to yield an investor a minimum nominal interest rate of 6%, convertible semiannually. Find the maximum value of X.

(A) 1459

(B) 1474

(C) 1489

(D) 1504

(E) 1519

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