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ABC Bonds have a coupon rate of 6% and a par value of 1,000, and will mature in 9 years. Coupons are paid semi-annually. If

ABC Bonds have a coupon rate of 6% and a par value of 1,000, and will mature in 9 years. Coupons are paid semi-annually. If you require a return of 8%, what price would be willing to pay for the bond? What happens if you pay more for the bond? What happens if you pay less for the bond?

Please tell me what formula you have used.

Thank you.

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