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Assume that you are considering the purchase of a 11 year, noncallable bond with an annual coupon rate of 8.90%. The bond has a face

Assume that you are considering the purchase of a 11 year, noncallable bond with an annual coupon rate of 8.90%. The bond has a face value of $1000, and it makes semiannual interest payments. If you require and 13.90% yield to maturity on this investment, what is the maximum price you should be willing to pay for the bond? Step by step response please

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