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A bond has a face value (and redemption value) of $504,000, and pays coupons annually. The effective annual yield is 3 times the coupon rate.

A bond has a face value (and redemption value) of $504,000, and pays coupons annually. The effective annual yield is 3 times the coupon rate. The present value of the redemption amount is 5 times the present value of the coupon stream. What is the price of the bond?

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