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A bond is quoted at 92% of its par value (= $1,000). The bond pays coupons at a rate of 4% (annual payments). The market
A bond is quoted at 92% of its par value (= $1,000). The bond pays coupons at a rate of 4% (annual payments). The market uses 360 days to count one year. If 255 days have passed since the last coupon payment, what is the bond's invoice price ($)?
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