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A mortgage pass-through security (PT) has a par value of $100,000, a 4% coupon paid monthly, and is based on 30 year mortgages. The current

A mortgage pass-through security (PT) has a par value of $100,000, a 4% coupon paid monthly, and is based on 30 year mortgages. The current interest rate for similar bonds is 3.5%, and prepayments currently equal $100 per month. At this rate the PT will be paid off in month 258. What is the price of the PT today?

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