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A six-month zero coupon bond has a yield to maturity of 2%, whereas a one-year zero coupon bond has a yield to maturity of 1.5%.

A six-month zero coupon bond has a yield to maturity of 2%, whereas a one-year zero coupon bond has a yield to maturity of 1.5%. Both yields are expressed in the conventional way as bond equivalent yields. What is the price, as a percentage of par, of a one-year bond paying semi-annual coupons at an annual rate of 3%?

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