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Assume that you are considering the purchase of a 2 0 - year, noncallable bond with an annual coupon rate of 9 . 5 %

Assume that you are considering the purchase of a $20 -$ year, noncallable bond with an annual coupon rate of $9.5 % .$ The bond has a face value of $ $1, 000,$ and it makes semiannual interest payments. If you require an $12.2 %$ nominal yield to maturity on this investment, what is the maximum price you should be willing to pay for the

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