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A municipality needs funding for upcoming infrastructure ( water and sewer line ) repair or replacement. They issue a series of $ 1 , 0

A municipality needs funding for upcoming infrastructure (water and sewer line) repair or replacement. They issue a series of $1,000,6% semiannual, 10-year bonds. The bonds are initially sold at a discount for $960. You want to buy one of these bonds from a friend who has held the bond for 3 full years, receiving 6 semiannual payments. You plan to keep the bond to maturity and want to earn 8% semiannual on the investment. What is the most you should pay for it?

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