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An investor buys a 20-year bond paying a 7% annual coupon rate, with coupon payments made semi-annually. The face value of the bond is $1,000.

An investor buys a 20-year bond paying a 7% annual coupon rate, with coupon payments made semi-annually. The face value of the bond is $1,000. The bond's annual yield to maturity is 10% at the purchase time. The investor will hold the bond for 6 years. The annual return of reinvesting bond coupon payments is 8%. What is the future value of all coupon payments that the investor will receive during the 6-year investment period?

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$525.90

$491.53

None

$103.12

$481.76

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