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A 20-year $1000 bond with 8% annual coupons redeems for $1100 and is callable on coupon dates beginning 12 years from today. Find the maximum

A 20-year $1000 bond with 8% annual coupons redeems for $1100 and is callable on coupon dates beginning 12 years from today. Find the maximum price the investor should pay in order to guarantee a minimum yield of 7%

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