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An investor with a 3 - year investment horizon purchases a 2 0 - year 8 % coupon bond ( assume semi - annual payments

An investor with a 3-year investment horizon purchases a 20-year 8% coupon bond (assume semi-annual payments)for $828.40. The yield to maturity is 10%, reinvestment rate is expected to be 6% annually. At the end of 3 years, the bond is expected to offer a yield to maturity of 7%. Calculate the total return of this investment

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