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A company issued on February 3, 2017 a bond that redeems 97.5 with a nominal value of $ 1,000 with expiration of 12 years, annual
A company issued on February 3, 2017 a bond that redeems 97.5 with a nominal value of $ 1,000 with expiration of 12 years, annual coupons due and a variable interest rate that will change every 3 years: 8.9%, 8.4%, 8.1% and 9.2% , respectively (annually capitalizable every 91 days). If a person invested $ 1 million in this bond issue on July 20, 2021 and was offered an effective annual yield to maturity of 12.5%, what was the price they paid for the bond?
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