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A 15-year bond with a face value of $1,000 was issued at a price of $923.25 on 1 July 2018. The bond pays annual coupon

A 15-year bond with a face value of $1,000 was issued at a price of $923.25 on 1 July 2018. The bond pays annual coupon at 3.5% p.a. Bailey purchased the bond on 1 July 2020 at a price that gives her a yield to maturity of 4% p.a.

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