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An investor is considering purchasing a new issue of 5-year bonds of $1,000 par value and an annual fixed coupon rate of 12%, while coupon

An investor is considering purchasing a new issue of 5-year bonds of $1,000 par value and an annual fixed coupon rate of 12%, while coupon payments are made semiannually. The minimum semiannual yield that the investor would accept is 6.75%. find the fair value of a bond?

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