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A 3% 3 years bond with semi-annual coupons. RRR is 4% in all years. Find the present value. why the present value with annual coupons

A 3% 3 years bond with semi-annual coupons. RRR is 4% in all years. Find the present value. why the present value with annual coupons is different from the present value with semi-annual coupons?

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