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A bond has a yield rate of 15% per coupon period and a coupon rate of 5% per coupon period. If the bond is redeemed
A bond has a yield rate of 15% per coupon period and a coupon rate of 5% per coupon period. If the bond is redeemed on the n-th coupon date, then the redemption amount will be (1.14)n per unit of face amount. The bond is redeemable on any coupon date from the 10th to the 15th. For what redemption date will the bond price be a maximum?
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