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Assume that you are considering the purchase of a 15-year bond with an annual coupon rate of 9.5%. The bond has a face value of

Assume that you are considering the purchase of a 15-year bond with an annual coupon rate of 9.5%. The bond has a face value of $1,000 and makes semiannual interest payments. If you require a yield of 11%, what is the most you are willing to pay for these bonds?

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